Adani loses $34 billion in three days amid crossfire with Hindenburg | Explained

Tycoon Gautam Adani has slipped out of the list of world's top 10 richest people. He has fallen from fourth place to 11th on the Bloomberg Billionaires Index, with a personal wealth wipeout of $34 billion in just three trading days. This comes after the publication of a report by Hindenburg Research alleging 'brazen stock manipulation and accounting fraud'. Adani Group has rebuked the Hindenburg report calling it 'baseless and malicious'. Both Adani Group and Hindenburg Research have been issuing statements and counter-statements as the saga continues to unfold.