Gautam Adani has lost his title as Asia's richest person, with shares of his listed companies plunging as the empire faces allegations of serious fraud made by U.S.-based short-seller Hindenburg Research.
According to Forbes' real-time tracker, Adani's net worth shrank by another $13 billion on Wednesday, causing him to drop to 15th place on the list of the world's richest people, after starting the day in eighth place.
Adani's net worth is now estimated to be $75.1 billion, down $13 billion on Wednesday alone. Since Hindenburg made its allegations public, Adani has dropped from third on the list and has seen his fortune shrink by over $50 billion.
Mukesh Ambani, with an estimated net worth of $83.8 billion, has overtaken Adani as Asia's richest person, moving to ninth on the list. Ambani is the chairperson of Reliance Industries, a conglomerate with interests in petrochemicals, oil, gas, telecom, and retail.
Also read | Gautam Adani no longer in the list of world's 10 richest individuals
Despite Adani Group's follow-on public offering being fully subscribed on Tuesday, with the backing of Middle Eastern institutional investors, its flagship, Adani Enterprises, plummeted by 28.2% on Wednesday. The conglomerate's six other major listed firms, including Adani Ports, Adani Wilmar, Adani Power, Adani Transmission, Adani Green Energy, and Adani Total Gas, also saw a decline.
Last week, Hindenburg disclosed a short position against Adani Group's listed companies and published a report accusing the company of a "brazen stock manipulation and accounting fraud scheme over the course of decades."
The Adani Group has vehemently denied the allegations, calling them "maliciously mischievous [and] unresearched," and has threatened legal action. In a 413-page rebuttal of Hindenburg's allegations, the company labeled them as not "merely an unwarranted attack on any specific company but a calculated attack on India" and its growth story.