<p>India's Gautam Adani lost his title of Asia's richest person on Wednesday as a <a href="https://www.deccanherald.com/business/business-news/adani-group-stocks-rout-deepens-to-72-billion-despite-share-sale-completion-1186662.html" target="_blank">rout in his conglomerate's stocks deepened to $74 billion</a> after a short-seller report.</p>.<p>A report by Hindenburg Research last week alleged improper use of offshore tax havens while flagging concerns about high debt and the valuations of seven listed Adani companies.</p>.<p>It has brought heightened scrutiny of the conglomerate with an Australian regulator saying on Wednesday that it would be reviewing the allegations to see if further enquiries are warranted.</p>.<p>The Adani Group has denied the allegations, calling them baseless and saying it has always made necessary regulatory disclosures.</p>.<p>Wednesday's stock losses saw Gautam Adani slip to 10th on Forbes rich list with an estimated $84.1 billion, just below rival Mukesh Ambani, the chairman of Reliance Industries Ltd who has an estimated $84.4 billion. Before the Hindenburg report, Adani had ranked 3rd.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/international/world-news-politics/adani-gadot-set-to-transform-haifa-port-into-a-landmark-gautam-adani-1186551.html" target="_blank">Adani Gadot set to transform Haifa Port into a landmark: Gautam Adani</a></strong></p>.<p>The worsening rout comes despite the group managing to muster support from investors to haul a share sale for flagship firm Adani Enterprises Ltd over the line on Tuesday.</p>.<p>"There was a slight bounce yesterday after the share sale went through, after seeming improbable at a point, but now the weak market sentiment has become visible again after the bombshell Hindenburg report," said Ambareesh Baliga, a Mumbai-based independent market analyst.</p>.<p>"With the stocks down despite Adani's rebuttal, it clearly shows some damage on investor sentiment. It will take a while to stabilise," Baliga added.</p>.<p>Adani Enterprises lost 5 per cent on Wednesday to bring its losses since the Hindenburg report to more than $8 billion. Adani Power fell 5 per cent, while Adani Total Gas slumped 10 per cent, down by its daily price limit.</p>.<p>Adani Total Gas, a joint venture between France's energy major Total and Adani Group, has been the biggest casualty of the short seller report, losing about $27 billion.</p>.<p>Data also showed that foreign investors sold a net $1.5 billion worth of Indian equities since the Hindenburg report - the biggest outflow over four consecutive days since Sept. 30.</p>.<p>Hindenburg said in its report it had shorted US-bonds and non-India traded derivatives of the Adani Group.</p>
<p>India's Gautam Adani lost his title of Asia's richest person on Wednesday as a <a href="https://www.deccanherald.com/business/business-news/adani-group-stocks-rout-deepens-to-72-billion-despite-share-sale-completion-1186662.html" target="_blank">rout in his conglomerate's stocks deepened to $74 billion</a> after a short-seller report.</p>.<p>A report by Hindenburg Research last week alleged improper use of offshore tax havens while flagging concerns about high debt and the valuations of seven listed Adani companies.</p>.<p>It has brought heightened scrutiny of the conglomerate with an Australian regulator saying on Wednesday that it would be reviewing the allegations to see if further enquiries are warranted.</p>.<p>The Adani Group has denied the allegations, calling them baseless and saying it has always made necessary regulatory disclosures.</p>.<p>Wednesday's stock losses saw Gautam Adani slip to 10th on Forbes rich list with an estimated $84.1 billion, just below rival Mukesh Ambani, the chairman of Reliance Industries Ltd who has an estimated $84.4 billion. Before the Hindenburg report, Adani had ranked 3rd.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/international/world-news-politics/adani-gadot-set-to-transform-haifa-port-into-a-landmark-gautam-adani-1186551.html" target="_blank">Adani Gadot set to transform Haifa Port into a landmark: Gautam Adani</a></strong></p>.<p>The worsening rout comes despite the group managing to muster support from investors to haul a share sale for flagship firm Adani Enterprises Ltd over the line on Tuesday.</p>.<p>"There was a slight bounce yesterday after the share sale went through, after seeming improbable at a point, but now the weak market sentiment has become visible again after the bombshell Hindenburg report," said Ambareesh Baliga, a Mumbai-based independent market analyst.</p>.<p>"With the stocks down despite Adani's rebuttal, it clearly shows some damage on investor sentiment. It will take a while to stabilise," Baliga added.</p>.<p>Adani Enterprises lost 5 per cent on Wednesday to bring its losses since the Hindenburg report to more than $8 billion. Adani Power fell 5 per cent, while Adani Total Gas slumped 10 per cent, down by its daily price limit.</p>.<p>Adani Total Gas, a joint venture between France's energy major Total and Adani Group, has been the biggest casualty of the short seller report, losing about $27 billion.</p>.<p>Data also showed that foreign investors sold a net $1.5 billion worth of Indian equities since the Hindenburg report - the biggest outflow over four consecutive days since Sept. 30.</p>.<p>Hindenburg said in its report it had shorted US-bonds and non-India traded derivatives of the Adani Group.</p>