BENGALURU, Jan 25 Reuters Indian shares fell to their lowest level in over a week on Wednesday, dragged by Adani group stocks after a shortseller raised fresh concerns about the group39;s debt in a report that had a ripple effect across the market.

The Nifty 50 index closed 1.25 lower at 17,891.95, while the SP BSE Sensex fell 1.27 to 60,205.06.

Stocks of the seven listed Adani group companies fell between 1.5 and 9 after Hindenburg, a wellknown U.S. shortseller, said in a report that key listed companies in the group controlled by billionaire Gautam Adani had substantial debt.

This has put the entire group on a precarious financial footing, the report said.

Adani Group refuted the allegations, terming them baseless.

The flagship Adani Enterprises fell about 1.54, while Adani Ports and Special Economic Zone dropped more than 6. Adani Ports was the top loser on the benchmark Nifty index on Wednesday.

Adaniowned cement firms ACC and Ambuja Cements fell 7.28 and 7.77, respectively.

All the major sectoral indexes logged losses, with the heavyweight financials sliding 2.13. Analysts cited risk aversion due to the Hindenburg report for the drop.

The slide in today39;s equities is due to a combination of factors the report on Adani group stocks, the monthly expiry of January derivatives series and the fading off of the prebudget rally, said Avinash Gorakshakar, head of research at Profitmart Securities.

Indian markets will be shut for a local holiday on Thursday,…