Shares in Indian tycoon Gautam Adani's conglomerate plunged again on Wednesday as a rout in his companies deepened to $86 billion in the wake of a US short-seller report, with the billionaire also losing his title as Asia's richest person, Chris Thomas and Aditya Kaira reported for Reuters.
Photo Insert: Wednesday's stock losses saw Adani slip to 15th on Forbes rich list with an estimated net worth of $75.1 billion.
Wednesday's stock losses saw Adani slip to 15th on Forbes rich list with an estimated net worth of $75.1 billion, below rival Mukesh Ambani, the chairman of Reliance Industries Ltd. who ranks ninth with a net worth of $83.7 billion.
Before the critical report by US short-seller Hindenburg, Adani had ranked third.
The losses mark a dramatic setback for Adani, the school dropout turned billionaire whose fortunes rose rapidly in recent years in line with stock values of his businesses that include ports, airports, mining, cement, and power.
Now, the tycoon is fighting to stabilize his companies and defend his reputation.
The share slides come just a day after the Adani Group managed to muster support from investors for a $2.5 billion share sale for flagship firm Adani Enterprises, in what some saw as a stamp of investor confidence at a time of crisis.
The report by Hindenburg Research last week alleged improper use by the group of offshore tax havens and stock manipulation. It also raised concerns about high debt and the valuations of seven listed Adani companies.