Indian tycoon Gautam Adani, who is known as Asia's richest person, has lost a total of 100 billion dollars in the last few days after frequent declines in his wealth.
In the last six trading days, since the whistleblower's report was released last Wednesday, the market capitalization of all 10 companies of the Adani group has so far fallen by 43 percent to Rs 8.3 lakh crore, or about $100 billion. Translates into a loss.
As losses pile up every day, a 106-page report by US short-seller Hindenburg Research has left a $100 billion hole in the pockets of investors in Adani stocks.
Adani stock's market cap fell to Rs 10.89 lakh crore from Rs 19.2 lakh crore before the short-seller attack this morning.
Adani Enterprises lost another 10 percent, leading to the suspension of trading in its shares and several other Adani companies.
The Adani Enterprises board said in a late-night statement that it had decided not to go ahead with the share sale "in the interest of our customers" and that all payments would be refunded.
The firm said it would "not be ethically correct" to pursue the matter.
