• Indian billionaire Gautam Adani lost more than $20 billion (£16 billion) on Friday amid fraud claims.
• Investors withdrew from his companies for a second day.
• The Adani Group has brushed off the allegations as malicious.

Indian billionaire Gautam Adani lost more than $20 billion (£16 billion) on Friday as investors withdrew from his companies for a second day due to fraud claims made by a US investment firm.

The Adani Group has brushed off the allegations as malicious, but the outrage has not subsided as a result.

The largest opposition party in India has called for an investigation.

The market value of the firm’s publicly traded companies has decreased by nearly $50 billion.

Adani Enterprises, the company’s flagship, saw a nearly 20% decline in share price on Friday, and other publicly traded companies in the group experienced even greater declines. As a result, trading in Mumbai was automatically halted.

While maintaining his estimated net worth of more than $96 billion, Mr. Adani has fallen from the third richest man in the world to seventh on Forbes’ rich list.

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The controversy began only a few days after Hindenburg Research, a company that specializes in “short-selling,” or wagering against a company’s share price in the hope that it will decline, released a report accusing the Adani Group of engaging in decades-long, “brazen” stock manipulation and accounting fraud.

Its study was released in advance of an Adani Enterprises share sale that is currently not receiving much interest.

Self-made tycoon Mr. Adani has amassed wealth through investments in renewable energy, ports, airports, and other industries. As the value of shares in his companies increased dramatically during the last three years, so did his wealth.

His business stated that it was thinking about suing Hindenburg.

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