Shares in Gautam Adani’s empire fell again on Wednesday as the Indian tycoon dropped out of Forbes’ top 10 rich list following allegations of a massive accounting fraud.
Bloomberg News said the five-day rout has now wiped off nearly $92 billion in the value of the group’s listed units, while Adani’s fortune has fallen by more than $40 billion.
The share price of flagship firm Adani Enterprises suddenly fell further on Wednesday afternoon, closing 28.45 per cent lower on the Mumbai Stock Exchange.
The trigger was the news that Swiss banking giant Credit Suisse had stopped accepting Adani bonds as collateral for loans given to private banking clients, Bloomberg reported.
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