Adani Group’s value plunges over 90 billion

Since a US investment firm made fraud claims, the group's companies have seen more than 90 billion wiped off their value. Adani denies the allegations.

According to Forbes real-time billionaires list, Adani is now the 15th richest person in the world, with a net worth of $74.7 billion. He was third on the list last week.

The total loss in market value for the group over $90 billion was caused by shares falling 26.7% on Wednesday, according to Bloomberg.

After the market closed, the Adani GroupAdani Group said the company would return the share sale proceeds due to the unprecedented situation and current market volatility. The Company's board felt that going ahead with the issue would not be morally correct, said Mr Adani.

The Board has decided not to go ahead with the FPO follow-on public offer because of the interest of investors and in order to protect them from any potential financial losses. We have an impeccable track record of servicing our debt, he said. This decision will not affect our existing operations or future plans. Adani Group has hit back at the allegations against it and said it was evaluating remedial and punitive action against Hindenburg Research in the US and India.

In an interview with Mint newspaper, the chief financial officer of the group compares Hindenburg Research to General Dyer, the British officer of the Bengal army responsible for a massacre that killed hundreds of Indians in the city of Amritsar in 1919.