The Adani group’s vehement denials of the OCCRP’s claims did little to lift investor sentiment as nine out of the 10 listed firms of the group ended in the red with losses of up to 4.39 per cent.

Market circles said the fresh allegations coupled with the hearing at the Supreme Court where the Securities and Exchange Board of India (Sebi) is expected to submit its report may remain as an overhang on the stocks and cap any new gains.

Adani Green Energy fell the most as the share slipped 4.39 per cent to end at Rs 928.05 on the BSE.

During intra-day trades, the counter hit a low of Rs 920.05, marking a fall of 5.21 per cent over the last close of Rs 970.65.

Among others, Adani Enterprises plummeted 3.77 per cent to close at Rs 2,418.80, while Ambuja Cements lost 3.53 per cent at Rs 428.50 on the BSE.

It was followed by Adani Energy Solutions (formerly Adani Transmission) which dipped 3.52 per cent to close at Rs 812.15, Adani Ports and Special Economic Zone (APSEZ) which fell 3.37 per cent to end at Rs 791.40, while Adani Total Gas was down 2.59 per cent to end at Rs 635.60.

Some of the other counters that witnessed selling pressure included Adani Wilmar which fell 2.56 per cent to close at Rs 359.50, Adani Power by 2.24 per cent at Rs 321.05 and NDTV which lost 2.10 per cent to finish at Rs 214.60.

Cement firm ACC was the only outlier which ended in the green as it gained 0.47 per cent to end at Rs 2,009.55 on the BSE.

The Adani group said in a statement that the claims made by the OCCRP were based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over-invoicing, transfer of funds abroad, related party transactions and investments through foreign portfolio investors (FPIs).

"An independent adjudicating authority and an appellate tribunal had both confirmed that there was no over-valuation and that the transactions were in accordance with applicable law. The matter attained finality in March 2023 when the Supreme Court of India ruled in our favour. Clearly, since there was no over-valuation, there is no relevance or foundation for these allegations on transfer of funds,’’ the conglomerate said.