Shares of most Adani Group companies continued to see sharp losses for a third consecutive trading session as the company attempted to rebut short seller firm Hindenburg’s report, which accused the conglomerate of stock manipulation and an “accounting fraud scheme.”

Adani Enterprises pared some of its earlier gains and closed 4.76% higher in Monday’s session. That surge, amid a sell-off for most other Adani affiliates, came after the group published a lengthy response of more than 400 pages to Hindenburg’s report over the weekend. It said that it will exercise its rights to “pursue remedies” to protect its investors “before all appropriate authorities.”

Adani Enterprises’ stock price remains more than 25% lower month-to-date, Refinitiv data showed. It proceeded with a secondary share sale worth $2.5 billion, which was overshadowed by a rout that wiped out a total of $65 billion as of yesterday’s close.

Founder Gautam Adani, the richest man in Asia and once second only to Elon Musk, fell out of the world’s top 10 richest to 11th place on the Bloomberg’s Billionaires Index, as of Monday’s close.

His net worth has fallen $36.1 billion year-to-date, the index showed. It peaked at $150 billion on Sept. 20, 2022, before falling to to $84.4 billion as of Monday’s close, according to the index.

Despite small gains seen in Adani Enterprises, other affiliates of the Adani Group continued to plunge.

Adani Total Gas and Adani Green Energy both dropped 20%, hitting the daily limit down. Adani Transmission fell more than 15% and Adani Power lost 5%. Adani Ports and Special Economic Zone erased earlier gains and ended the session about flat.

India’s Nifty 50 Index traded 0.25% higher on Monday and hovered at the lowest since mid-October 2022.

Adani Group said Hindenburg’s allegations were a “calculated attack on India, independence, integrity and quality of Indian institutions, and growth story and ambition of India,” in the response it released over the weekend.

The group’s chief financial officer Jugeshinder Singh said in an interview with CNBC-TV18, an affiliate of CNBC, that the value of Adani Enterprises has not changed “simply because” of share price volatility, adding it instead lies in its “ability to incubate new businesses.”

He added that he is confident Adani Enterprises‘ follow-on public offering will be fully subscribed, calling Hindenburg’s report “simply a lie” and the timing of the report “malicious.”

Hindenburg on Monday morning described the group’s response “bloated” and claimed it “ignores every key allegation” against the conglomerate that it raised.

“Fraud cannot be obfuscated by nationalism of a bloated response that ignores every key allegation we raised,” the short seller titled its response to Adani Group.

Note: This story has been updated to reflect Gautam Adani’s net worth as of Monday’s market close.