Allegations of fraud cause a massive sell-off in stocks
Gautam Adani slipped to 16th place in the world's billionaires list
Adani is no longer Asia's richest man.
As if falling down a ladder, Indian billionaire Gautam Adani continued to suffer after his company's market value fell by more than $100 billion due to alleged fraud by Hindenburg Research.
Last week, the financial research firm released a report accusing the Adani Group of engaging in share manipulation and dubious accounting practices.
The allegations have sparked a massive selloff in the company's stock, which wiped more than $100 billion off its market value on Thursday.
In fact, Adani's personal wealth also declined by about $60 billion, which pushed him further down to 16th place from third place on the Forbes billionaires list.
Not only that, he has also lost his title as Asia's richest man.
Following this 'disaster', Adani was also forced to cancel the sale of Adani Enterprises shares on Thursday worth $2.5 billion.
He also released a video message to reassure investors, insisting that his group's fundamentals are strong and its record in repaying debt is perfect.
The plunge in Adani's stock has fueled fears that the fallout will spill over into India's financial system.
