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NEW DELHI: The fortune of Gautam Adani, Asia's richest man from India, has shrunk by $68 billion in a single day as a result of the serious allegations.
According to the global news agency, the company of Gautam Adani, the richest Indian in Asia, has been accused of stock market manipulation and balance sheet fraud for decades.
These allegations were made by the American investment research firm Hindenburg Research and after just 3 days of echoing, Gautam Adani's fortune has drastically decreased by $68 billion.
However, a research report from Bloomberg News claimed that the market value of Adani Group has fallen from $130 billion to $88.2 billion.
Gautam Adani, 60, slipped from 3rd to 8th on Forbes magazine's list of the richest people as his fortune shrank by $68 billion, but he still holds the distinction of being Asia's richest man.
The Adani Group rejected Hindenburg's allegations in a 413-page statement. The US company attacked the country's development, including its sovereignty, reputation and constitutional standards.
To which Hindenburg Research replied that the Adani group is systematically robbing the Indian people by draping themselves in the national flag and posing as an obstacle to India's future.
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