BENGALURU: Indian shares ended more than 1% lower to hit a three-month low on Friday as a short-seller attack on Adani Group companies triggered a selloff in its shares and of the banks, wiping off a combined $48 billion in the conglomerate’s market value over two days.

The Nifty 50 index was down 1.61% at 17,604.35 at close, while the S&P BSE Sensex fell 1.45% to 59,330.90, trimming some losses in the last few minutes of trading after having hit over 2% lower earlier in the session. The indexes settled more than 2% lower each in the truncated week, their most in a month, after two straight weekly gains.

The sell-off in equities was triggered by US short-seller Hindenburg Research’s report on Wednesday that flagged concerns about the Adani Group’s debt levels and use of tax havens. Stocks of Adani Transmission and Adani Green Energy tumbled 20% each, while Adani Power dropped 5%, with all three hitting their lower circuit.