Indian Billionaire Gautam Adani's net worth has shrunk to $37.7 billion, bringing him down at the 32nd position on the Bloomberg Billionaire Index.
Adani's ranking has slipped from third a month ago, when his net worth stood at around $120 billion. The stocks of listed Adani Group companies have seen a sharp decline since US short-seller Hindenberg Research came up with a scathing report on the group.
Hindenberg's report creates uncertainties
Hindenberg's report, titled "Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History," created uncertainties among Indian investors, leading to a panic.
The report accused Adani