The Silicon Review ^Asia

The majority of Adani Group shares continued to decline sharply on Monday as the Indian conglomerate's in-depth response to accusations from a U.S. short-seller failed to appease investors whose market losses have now reached $65 billion over three days.

 Flagship Adani Enterprises, which is facing a major test this week with a follow-on share offering, increased by 3%, but this was much below the offer price and off earlier advances of as high as 10%.

The company Adani, run by Asia's richest man Gautam Adani, has been at odds with Hindenburg Research and responded on Sunday to a report from the short-sellers that raised issues with the company's debt levels and usage of tax havens. Adani asserted that it has made the required regulatory disclosures and conforms with all local regulations. On Monday, Adani Transmission, Adani Total Gas, and Adani Green Energy all had 20% declines. The Special Economic Zone and Adani Ports decreased by 1.1%.

Weak investor enthusiasm entered the second day of Adani Enterprises' $2.5 billion secondary share offering. Early trading saw the shares at 2,848 rupees, well below the price range of 3,112 to 3,276 rupees per share for the share sale.