The Adani Group on Thursday said it is evaluating the possibility of legal action against US-based investment research and short-seller activist firm, Hindenburg Research, which accused the Gautam Adani-owned conglomerate of tax fraud and raised concerns about mounting debt.

The report triggered panic selling on Wednesday that eroded the cumulative market capitalization of 7 listed Adani Group companies by around Rs 1 lakh crore. Adani Group released an official statement to refute the allegations leveled by Hindenburg Research and questioned the timing of the report.