Indian billionaire Gautam Adani on Monday faced a critical day with his flagship company’s $2.5 billion share sale’s second day of bidding overshadowed by a $48 billion rout in his stocks which was sparked by a US short seller.

All the seven listed companies of Gautam Adani saw a high fall in their values after the Hindenburg Research reports reported concerns regarding debt levels and the use of tax havens.

Adani group on Sunday issued a detailed report regarding the matter and termed the report by Hindenburg Research as baseless and said that the company complies with all local laws and had made necessary regulatory disclosures.

According to the reports, Adani group on Saturday told Reuters in a statement that the sale remains on schedule at the planned issue price, even as sources said bankers on the country’s largest secondary share sale were considering extending the timeline beyond Jan. 31, or tweaking the price due to the fall in its share price.

Ambareesh Baliga, a Mumbai-based market analyst said- “It is important for the Adani Group to ensure the share sale goes through — If they stick to the price and don’t reduce it, and the stock doesn’t bounce back, nobody will be keen to apply,”