Fall of India's richest man: Adani drops from top 10 billionaires list

The Adani Group has recently come under the lens after a report by Hindenburg research was released, accusing the group of "a brazen stock manipulation and accounting fraud scheme".

The Hindenburg report caused the conglomerate to lose billions of rupees in value and was a cause of concern among investors.

This created a decline in the net worth of Gautam Adani, the chairperson of the Adani Group and previously, the third richest person on Earth.

The Bloomberg Billionaire's Index is a real-time, daily ranking of the world’s richest people. The rankings are based on the net worth analysis of each individual.

Adani, who once held the second position on the Forbes' list, and the aforementioned Bloomberg list now stands at the eleventh position with a total net worth of $84.4 billion.

The Hindenburg effect caused the business tycoon to lose $8.21 billion in the last trading day.

Hindenburg Research said on Wednesday it held short positions in Adani Group, accusing the Indian conglomerate of improper extensive use of entities set up in offshore tax havens and expressing concern about high debt levels.

The group, which is led by Gautam Adani, the world’s third richest person according to Forbes, dismissed the US short-seller’s claims as baseless, saying it was timed to damage its reputation ahead of a large share offering.

The group’s flagship firm, Adani Enterprises, launched the country’s biggest public secondary share offering, which was fully subscribed earlier today.

(With inputs from AFP)

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