New Delhi
CNN
—
Gautam Adani looks set to cede his position as Asia’s richest man to another Indian billionaire as shares in his business empire continue to plunge following fraud allegations leveled by an American short seller.
In an investigation published last Tuesday, Hindenburg Research accused Adani’s ports-to-power group of “brazen stock manipulation and accounting fraud scheme over the course of decades.”
Adani Group denounced the report as “baseless” and “malicious,” and has said it is considering legal action, but the market reaction has been brutal and relentless.
The conglomerate, which has seven listed companies, has lost more than $90 billion in market value in the week since Hindenburg published its report.
That stock market rout has wiped nearly $40 billion off Adani’s personal fortune. A week ago he was the fourth-richest…
