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Indian billionaire Gautam Adani wiped out more than $20bn (£16bn) of his fortune on Friday after investors dumped his companies for a second day due to fraudulent claims made by a US investment firm.
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As per the publication, Mr. Adani has moved from the third richest person in the world to the seventh spot on the Forbes rich list, with an estimated net worth of over $96 billion.
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Hindenburg Research, a firm that specializes in "short-selling", or betting against a company's share price in hopes of
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The report came ahead of a planned share sale for Adani Enterprises, which now appears to be in low demand.
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Several Indian banks and state-owned insurance companies have either invested billions of dollars in or given loans to companies affiliated with the Adani Group.
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Several Indian banks and state-owned insurance companies have either invested billions of dollars in or given loans to companies affiliated with the Adani Group.
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But the broader stock market has been hit by the episode, helping to send India's benchmark Nifty 50 stock index down more than 1% on Friday.
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