Indian billionaire Gautam Adani became the main issue last week after his company was accused of fraud by a short seller from the United States.
The claim was made by Hindenburg Research, a New York-based financial research firm known for its short-selling campaigns.
It has issued a report accusing the Adani Group of engaging in dubious accounting practices.
According to the report, the group has used 'creative accounting' to increase its revenue and profit figures. It is also alleged to have overstated its assets and understated its liabilities.
In addition, Adani Group is also said to use related party transactions to transfer money between its various companies in order to be financially more profitable.
Following that, the company denied the accusations leveled at it and described it as malicious.
Even so, the denial failed to stem the 'catastrophe' caused by Hindenburg Research's claims.
As a result, shares in leading company Adani Enterprises plunged almost 20% on Friday and also spurred several other publicly listed firms to fall further.
The uproar also saw the company lose over $50 billion in market value and wipe out over $20 billion of Gautam Adani's fortune.
Not only that, Gautam Adani's position as the third richest person in the world also disappeared after he was pushed down to the seventh position on the Forbes list of billionaires.
However, he still maintains his position as the richest individual in Asia as of last Friday with an estimated net worth of over $96 billion.
