Listed companies belonging to the embattled Adani Group are aggressively clearing off debt in a bid to reverse the damage done by a report published by US short seller Hindenburg Research.

Adani Transmission is likely to announce debt refinancing plans in a few weeks, said executives in an investor call on Tuesday. This was confirmed by a source who spoke to news agency Reuters.

The development comes a day after another listed company of the conglomerate, Adani Ports and Special Economic Zone, announced plans to prepay Rs 1,000 crore towards commercial papers maturing in March. It also announced that it had already paid off a debt worth Rs 1,500 crore.

The source quoted in the news report further added that Adani Transmission executives said they have no plans to raise additional debt for capital expenditure, which will be covered using operating cash inflows.

No official comment has come from Adani Group yet, but it has reportedly hired banks to arrange calls with bond investors to reassure them about the payment capacity of its operating companies, following Hindenburg’s scathing report.

Hindenburg Research alleged in its report that the Adani Group had improperly used tax havens and manipulated stocks. In addition, the report had flagged concerns about high debt levels.

Seven listed companies of the Adani Group, among which Adani Transmission is one of the worst hit, have lost a cumulative market value of $125 billion. While Adani Group has strongly rejected the allegations, it has had little impact on its dwindling stocks.

Adani Transmission stock, down over 71 per cent in a month, has been hitting its lower circuit for consecutive trading sessions and was down 5 per cent as soon as trading began on Wednesday.