Mumbai, January 31: Gautam Adani is suffering a dramatic decline in his wealth as he dropped to 11th place on the list of the world’s richest people. Shares of the Adani Group companies lost ground on Friday, continuing a losing streak from Wednesday's trading session. Adani's total wealth now stands at $84.4 Billion, as per the Bloomberg Billionaires Index.

The downfall of Adani's wealth is linked to the report published by US-based activist investor group Hindenburg Research that alleged a "fraud". The report that was published on Wednesday said that the Indian giant participated in a decades-long plan to manipulate stock prices and commit accounting fraud. Within the hours of the accusation, Adani Group lost Rs. 46,086 crores in market cap on 7 stocks. Hindenburg Research Hits Back at Adani Group's 413-Page Response, Says 'Fraud Cannot Be Obfuscated by Nationalism'.

Reportedly, five Adani Group stocks i.e. Adani Enterprises, Adani Total Gas, Adani Transmission, Adani Green Energy, and Adani Ports & SEZ hit lower circuits on Friday. Hindenburg also pointed out the high debt levels of the group. As of March 2022, Adani Group's total debt stood at $27 Billion (2.2 trillion rupees). Adani Group of Gautam Adani Answers All 88 Questions Raised by Hindenburg Research; Including Age of Its Auditors.

The Indian conglomerate, however, refuted the allegations and called the report "baseless". The report is a malicious combination of selective misinformation and stale, discredited allegations that have been tested and rejected by India's highest courts," said the company in a statement.

(The above story first appeared on LatestLY on Jan 31, 2023 08:52 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).