Adani group stocks on Monday shrugged of initial losses resulting from Hindenburg Research allegations against market regulator, as a rise in broader market helped two of the group companies ended in green.

Hindenburg on Saturday evening alleged that a conflict of interest is preventing Sebi chairperson Madhabi Puri Buch from doing a thorough probe into allegations against Adani group. Buch as well as Adani group issued strong denials on Sunday.

Shares of Adani Enterprises Ltd, the group's flagship, slid as much as 5.5 per cent in early Mumbai trading and Adani Energy Solutions Ltd plunged 17 per cent as all of the conglomerate's 10 stocks traded lower. But the stocks pared bulk of the losses during the day.

At the close of trade, Adani Green Energy Ltd as well as Ambuja Cement Ltd ended in green.

Taken together, the Adani stocks lost Rs 22,064 crore in market capitalisation.

Adani Enterprises ended with a loss of 1.09 per cent while Adani Energy Solutions closed 3.7 per cent lower.

At close of trading in Mumbai, Adani Wilmar had slumped 4.14 per cent over Friday's closing price, Adani Total Gas dropped by 4.03 per cent, NDTV declined by 3.08 per cent, and Adani Ports dipped 2.02 per cent. ACC ended with a loss of 1.55 per cent and Adani Power 0.65 per cent on the BSE.

However, two of the group firms bounced back, with Ambuja Cements climbing 0.55 per cent and Adani Green Energy rising by 1.12 per cent.

During the early trade, shares of Adani Total Gas tanked 13.39 per cent, NDTV plunged 11 per cent and Adani Power dropped 10.94 per cent.

Stocks of Adani Green Energy had declined 6.96 per cent, Adani Wilmar slumped 6.49 per cent, Adani Ports dived 4.95 per cent, Ambuja Cements skidded 2.53 per cent and ACC dipped 2.42 per cent.

The combined market valuation of all the ten firms stood at Rs 17 lakh crore.

In the equity market, the 30-share BSE Sensex ended lower by 56.99 points or 0.07 per cent at 79,648.92. The NSE Nifty dipped 20.50 points or 0.08 per cent to 24,347.

"The Indian market concluded relatively flat, with its initial path being eclipsed by continuation of the Adani-Hindenburg-Sebi saga. However, the market tried to brush away these noises, taking positive cues from global markets," said Vinod Nair, Head of Research, Geojit Financial Services.

Buch and her husband issued a statement calling Hindenburg's latest tirade as an attack on the credibility of Sebi and attempted "character assassination".

Buch and her husband Dhaval Buch in a joint statement on Sunday said the investments were made in 2015, well before her appointment as a whole-time member of Sebi in 2017 and the subsequent elevation as chairperson in March 2022, and in capacity as "private citizens living in Singapore". These funds became "dormant" on her appointment in Sebi.

"Sebi was tasked with investigating investment funds relating to the Adani matter, which would include funds Ms Buch was personally invested in and funds by the same sponsor which were specifically highlighted in our original report. This is obviously a massive conflict of interest," Hindenburg said.

Adani Group on Sunday termed Hindenburg Research's latest allegations as malicious and manipulative of select public information, saying it has no commercial relationship with the Sebi chairperson or her husband.

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