Indian conglomerate Adani Group’s $2.5 billion share sale faced a crucial day on Tuesday after it suffered a rout in the stock markets. The group has been under pressure due to a report by short-seller Hindenburg Research, which accused Adani of misreporting profits and misleading investors.

Adani has responded to the claims with a 413-page rebuttal, insisting that it has made full disclosure and complied with all regulations. The group has also accused Hindenburg of launching a “malicious campaign” against it.

Nate Anderson, another short seller, has joined the fray with a report targeting the Adani Group. Anderson has accused the group of inadequate disclosure and says the stock could fall further.

The Adani Group’s rebuttal and Anderson’s report have opened a Pandora’s box, with investors and analysts closely watching developments. It remains to be seen how the share sale will fare after the recent rout.