Adani Stocks Plummet, Billionaire Loses Fortune

Market Value Decimated, Shares Slump on Fraud Allegations

Billionaire Gautam Adani's business empire has been rocked by recent allegations of fraud, leading to a massive sell-off in Adani-backed stocks.

As of the end of trading, an estimated 24 billion or 1 had been wiped off the market value of Adani companies, dealing a significant blow to the fortune of the once Asia's richest person, Gautam Adani. The allegations, published by Hindenburg Research, have sparked widespread investor concern, leading to a sharp decline in share prices.

Despite Adani's denial of the claims, the report has cast a shadow over his business practices, raising questions about the integrity and transparency of his operations. The Adani Group, which has a presence in various sectors including energy, infrastructure, and media, is now facing intense scrutiny from regulators and investors.