Gautam Adani Group sheds billions in value

The business empire of Gautam Adani has shed tens of billions of dollars in value on the back of a report alleging accounting fraud that the Indian tycoon's firm has strenuously rejected.

Adani, 60, was a publicity-shy school dropout of humble origins who rose to become the third-richest man with a fortune - until last week of about US $130 billion.

He started his own import-export business when he moved to Mumbai in his teens to work sorting diamonds. His biggest break came in 1995 when he acquired a shipping port just as India's economy opened up.

Adani Group does everything from power generation and coal mining to cement, media and food. Its seven listed units had market value of about US $220 billion in January.

Critics say that Adani's closeness to Prime Minister Narendra Modi, a native of Gujarat state, has given his group an unfair advantage in winning business.

Adani became Asia's richest man on the back of eye-watering rises in the share prices of his firms. Forbes found that only Elon Musk and Bernard Arnault and their family were wealthier in the world.

What is alleged?