India’s billionaires are not having a great 2023 so far.

A massive selloff in the listed companies of the Gautam Adani — India’s richest man — following a shocking short-seller report, is spilling over into the country’s markets.

Adani Group’s listed companies have lost more than US$68 billion in market capitalization since Hindenburg Research, a US short seller, released a scathing report last Tuesday alleging “brazen stock manipulation and accounting fraud scheme” at the Adani Group. Adani Enterprises, the conglomerate’s flagship has lost over 25 per cent in market value this year alone.

The rout has pummelled Adani’s net worth, which is down US$36.1 billion this year so far — propelling him into the spot of top loser on the Bloomberg Billionaires Index. The Indian industrialist has also fallen off the list of the top 10 wealthiest people and is now the world’s 11th richest person — slipping from the fourth position just last week.

Adani Corporate House in Ahmedabad, India. Adani Group’s listed companies lost more than US$68 billion in market capitalization after a US short seller released a scathing report. Photo: AP

Adani Corporate House in Ahmedabad, India. Adani Group’s listed companies lost more than US$68 billion in market capitalization after a US short seller released a scathing report. Photo: AP

The Adani Group has been defending itself vigorously, but Hindenburg is also doubling down on its initial report.