Adani Group’s total companies’ capital continued to decline sharply on Monday despite attempts to rebut criticism of the U.S. short-seller that didn’t reassure investors. As a result, Adani’s market losses rose to $65 billion in three days, Reuters wrote.

Adani Group stock prices could later rise 3%, but lost their initial gain of 10% and now trade well below their offer price.

Adani, led by Asia’s richest man, Gautam Adani, has clashed with New York-based Hindenburg Research and responded Sunday to a short seller’s report that highlighted concerns about its debt levels and use of tax shelters.Adani said it is in compliance with all local laws and has provided the necessary regulatory information to regulators.

Shares of Adani Transmission Ltd (NS:ADAI) and Adani Total Gas Ltd (NS:ADAG) fell 20% each on Monday, while Adani Green Energy Ltd (NS:ADNA) shares fell 16%. The second day of the sell-off in Adani Enterprises Ltd (NS:ADEL) shares began amid weak investor sentiment. The stock was trading at Rs. 2,848 in early trading, well below the price range of Rs 3,112-3,276 per share. Investors should consider the S&P 500. 

The Hindenburg report led to a massive decline in the value of 7 listed Gautam Adani Group companies from last week. As of Monday, the 7 listed group companies had collectively lost $65 billion of their market capitalization since the report was published. Adani Total Gas lost the most, $21 billion.

Earlier, we reported that Sony was accused of lying to European regulators about the Microsoft and Activision deal.