Gautam Adani has now fallen to the 38th spot on the Forbes rich list. This, after he was on the 3rd spot before the scathing Hindenburg report was released.
Currently, Adani's net worth is estimated at $33.4 billion, according to Forbes, which is an erosion of over $85 billion from $119 billion before the report was published on January 24.
On 24th January, U.S based short seller, Hindenburg released a report accusing Adani group of accounting fraud and stock price manipulation. Allegations which the Adani group has strongly denied. However, since then the Adani group's market cap has seen a massive erosion of over $100 billion.