Indian tycoon Gautam Adani lost his title of Asia’s richest person in the wake of a short-seller report.
A stock rout has cost Gautam Adani the title of Asia’s richest person.
Shares have tumbled at his namesake Adani Group.
The total market value of associated companies was down $84 billion.
That after a critical report by U.S. short-seller Hindenburg Research.
It has raised concerns about the conglomerate’s debt levels, and says it made improper use of offshore tax havens.
The company calls the allegations baseless.
But it’s all taken a very big toll on Gautam Adani’s net worth.
It’s tumbled by tens of billions to under $77 billion, dropping him to fifteenth on Forbes’ list of the richest people.
Just days ago he was third, and the richest in Asia.
