The Adani Group, India’s largest conglomerate, has released a 413-page response to the allegations made by US-based short seller Hindenburg Research. The response comes after Hindenburg accused Adani of fraudulent activities and claimed that the group has obfuscated its financials with the help of Indian nationalism.

The response has done little to stop the rout in Adani shares, which have been in a bloodbath since the allegations were made. Asia’s richest man, Gautam Adani, has lost $28 billion in the past month.

The Adani Group has slammed the US short seller’s allegations, calling it an attack on India. In response to the allegations, the Indian government has also stepped in, with the Life Insurance Corporation of India (LIC) saying that it will ‘engage’ with Adani over the short seller’s allegations.

The allegations have opened a Pandora’s Box, with many questioning the integrity of the Adani Group’s financials. It remains to be seen how this situation will play out, but one thing is certain – the Adani Group will have to answer to the allegations made against it.