A company owned by Asia's richest man has hit back at a report which accused the firm of "brazen" stock manipulation and accounting fraud.
The Adani Group, founded by Gautam Adani, called the report by a US investment firm "malicious" and "selective misinformation".
The group lost almost $11bn (£8.7bn) of its market value after the research was made public on Wednesday.
Adani Group is one of India's biggest companies, and has operations in a wide range of industries including commodities trading, airports, utilities and renewable energy.
It is led by Indian billionaire Mr Adani who is the the world's fourth richest man, according to Forbes magazine.
Hindenburg, meanwhile, specialises in "short-selling", or betting against a company's share price in the expectation that it will fall.
In its report, Hindenburg accused Mr Adani of "pulling the largest con in corporate history". This came days ahead of a planned sale of Adani Group shares to the public.