Shares of India’s Adani Group fell sharply after a US investment firm accused it of manipulation and fraud in the stock market.

As a result, India’s richest man Gautam Adani’s net worth has fallen by $6 billion due to a fall in the Indian stock market on Wednesday, AFP reported.

60-year-old Gautam Adani is the third richest person in the world on the Forbes list. However, he is fourth in Bloomberg’s list of the richest people. According to the Bloomberg Billionaires Index, Adani has an estimated net worth of $12 trillion.

Adani, which started business in the eighties, owns seaports, airports, power generation companies. Its controlled companies import more than one-third of India’s coal needs. Besides, 22 percent of India’s electricity transmission is through Adani’s company. Most of this electricity is generated from coal.

Last Tuesday, US investment research firm Handenberg Research said in a report that Adani Group has been blatantly manipulating the stock market for decades. Besides, they are also involved in account fraud.

Handenberg says the two-year investigation was based on interviews with former Adani Group executives, visits to Adani businesses in multiple countries and document reviews. The investigation brought up the issue of stock market manipulation and accounting fraud by Adani Group.

Meanwhile, Jogesinder Singh, Chief Financial Officer of Adani Group, dismissed Handenberg’s allegations in a statement. In the statement, he claimed, Handenberg’s report was made up of misinformation, out of date and a combination of baseless and false allegations.

(January 26/DM)