Indian billionaire Gautam Adani on Wednesday lost his position as Asia’s richest person, as shares of his listed companies slide further while his empire fights allegations of serious fraud made by US-based short-seller Hindenburg Research, reports

According to Forbes’ real-time tracker, as of Wednesday afternoon in India, Adani’s net worth has shrunk by another $13 billion causing him to drop down to 15th on the list of the world’s richest people after starting the day in eighth place.

Ambani is the chairperson of the conglomerate Reliance Industries, which has interests in petrochemicals, oil, gas, telecom and retail.

Adani Group’s flagship Adani Enterprises nosedived by 25 per cent on Wednesday. 

The conglomerate’s six other major listed firms—Adani Ports, Adani Wilmar, Adani Power, Adani Transmission, Adani Green Energy and Adani Total Gas—were also in the red.

Bd-pratidin English/Golam Rosul