Gautam Adani no longer Asia's richest person as stock rout deepens to $74 billion

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Gautam Adani no longer Asia's richest person as stock rout deepens to $74 billion
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India's Gautam Adani lost his title of Asia's richest person as a rout in his conglomerate's stocks deepened to $74 billion after a short-seller report

A report by Hindenburg Research last week alleged improper use of offshore tax havens while flagging concerns about high debt and the valuations of seven listed Adani companies.

It has brought heightened scrutiny of the conglomerate with an Australian regulator saying on Wednesday that it would beThe Adani Group has denied the allegations, calling them baseless and saying it has always made necessary regulatory disclosures. Wednesday's stock losses saw Gautam Adani slip to 10th on Forbes rich list with an estimated $84.1 billion, just below rival Mukesh Ambani, the chairman of Reliance Industries LtdLatest Updates

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