Adani Group chairman and founder, Gautam Adani has hired renowned activism defence law firm Wachtell, Lipton, Rosen & Katz to weather the storm that has followed the conglomerate after short-seller Hindenburg Research‘s revelations in a report levelling several allegations including corporate fraud.

What Happened? Gautam Adani has hired one of the financial world’s best-reputed defence law firms in Wachtell, Lipton, Rosen & Katz (WLRK), per a Financial Times report, to help navigate the crisis that has arisen from Hindenburg’s scathing report on Jan. 24 that has since wiped off ₹8,99,845 crore from Adani Group’s coffers.

The FT report adds that Wachtell was approached by Adani Group's lawyers at the India-based Cyril Amarchand Mangaldas firm, which is leading defence of the industrial giant, according to people with knowledge of the matter.

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Cyril Amarchand Mangaldas is led by Cyril Shroff, whose daughter Paridhi is married to the oldest son of Gautam Adani and works at the law firm.

The conglomerate’s decision to hire Wachtell, known as one of the most expensive law firms in the US, also throws light on the kind of international pressure the group is under, despite vehemently denying Hindenburg’s claims in a 413-page rebuttal.

WLRK, meanwhile, regularly handles many of the largest and most complex transactions, investigations and litigations in the United States and around the world. The firm is particularly recognised for its leadership in takeover defence, shareholder activism and corporate governance.

Price Action: This is how the Adani Group stocks traded at mid-market hours on Friday.

Adani Enterprises shares traded 0.39% lower at ₹1,919.70

Adani Green Energy was down 4.99% to trade at ₹723.90.

Adani Ports & SEZ was up 0.94% to trade at 587.55.

Adani Power shares hit a lower circuit at ₹164.30 after dropping 5%.

Adani Total Gas shares traded 5% lower at ₹1,258.25.

Adani Wilmar was up 1.07% at ₹445.00.

Adani Transmission shares were down 5% to ₹1,186.15.

Ambuja Cement shares traded 1.42% higher at ₹363.10. ACC shares traded 0.84% lower at ₹1,900.40.

NDTV was down 3.26% to trade at ₹209.50.