A Congress Leader has filed a fresh plea in the Supreme Court over the report by Hindenburg Research on the Adani Group.

Madhya Pradesh-based leader Jaya Thakur has filed the petition, seeking a probe into Life Insurance Corporation of India (LIC) and State Bank of India (SBI) for subscribing to Adani Enterprises' Rs 20,000 crore Follow on Public Offer.

The plea argues that LIC and SBI invested in the FPO at levels of Rs 3,200, when shares were available in the open market at Rs 1,800 apiece. Adani Enterprises had priced its FPO between Rs 3,112 - Rs 3,276.

Despite full subscription led by institutional investors, Adani Enterprises had called off the FPO as the share price fell way below the IPO price.

Adani Group companies have been on a downward spiral after a report from short-seller Hindenburg Research accused the conglomerate of fraud.

Loans worth Rs 82,000 crore were extended to the Adani Group based on inflated share prices and no proper due diligence was done for the same, according to the plea.

The plea also claims that investors have lost over Rs 10 lakh crore due to crash in share prices of the Adani group.

Adani Group stocks have taken a beating on the bourses after US-based activist short-seller Hindenburg Research made a litany of allegations, accusing the the Gautam Adani-led group of fraudulent transactions and share price manipulation.

In response, the promoters prepaid share-backed loans worth $1.1 billion last Monday, 19 months ahead of their maturity in September 2024. The prepayment will release pledge from three group companies - Adani Ports, Adani Green Energy and Adani Transmission.

The company attributed this step as the continuation of the promoters' commitment to reduce the overall promoter leverage in light of the recent market volatility.

In an interview to ANI, Union Home Minister Amit Shah said that there is nothing to hide or be afraid of, in response to the Congress party's allegations that the group is being favoured by the BJP.

Adani Group companies not part of the futures and options segment continue to remain locked in a lower circuit of 5 percent on Tuesday.

(Edited by : Hormaz Fatakia)