According to the Bloomberg Billionaires Index, Gautam Adani has dropped out of the world’s top 10 richest list and is now ranked 11th with an estimated net worth of $84.4 billion. According to Bloomberg, the decline in Adani Group stock has made India’s stock market the poorest performer in Asia this year. Indian equities have declined amid interest rate hikes, and most recently, sentiment has been negatively impacted by a short-seller campaign against Gautam Adani’s corporate empire.

Hindenburg Research retaliated against Adani Group on Monday, claiming that the ports-to-energy conglomerate “predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative” by claiming that the fraud allegation made by the US short seller in its 100-page report was a “calculated attack on India.” Adani Group was accused of trying to “conflate its rapid rise and the wealth of its chairman with the prosperity of India itself,” according to the investment research firm, in its response.

“To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future,” the investment research firm wrote in a confirmation. The statement also said that they think that the Adani Group, which has cloaked itself in the Indian economy, is holding back India’s future by systematically looting the nation in a well-planned manner. 

The report also read that fraud is fraud, even if it’s committed by one of the richest people on earth. Adani Group asserted on Sunday that US short sellers were the “Madoffs of Manhattan,” alluding to American financier and fraudster Bernard Lawrence Madoff, the brains behind the biggest Ponzi scheme in history. For which the firm retaliated by stating that Adani seems unaware that Madoff lived in Manhattan, thus he was essentially his own Madoff of Manhattan. The US firm said it in a jab at what Hindenburg called a “sensationalistic assertion.” 

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The Adani Group suffered another setback on Monday as the battle with short-seller Hindenburg Research heated up, Bloomberg reported. The stock market decline reached $68 billion, and its dollar bonds were unloaded. Adani Enterprises Ltd. (together with Adani Ports & Special Economic Zone Ltd.) recovered as the group refuted Hindenburg’s fraud charges, despite the general selloff continuing with Adani Total Gas Ltd. and Adani Transmission Ltd. down as much as 20% once again. 

This case is now most likely to be addressed in Parliament. On the eve of Parliament’s Budget Session, opposition parties brought up the Adani issue and the behaviour of governors in some states they control at an all-party meeting, it said in a report. The government claimed it was willing to discuss any issue that was permitted by the rules and asked for their cooperation in the Parliament during this budget session. 

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