The Latest Breaking News from Gautam Adani

The Adani Group conglomerate has seen tens of billions of euros wiped off its market value since a short-seller's report accused it of pulling "the largest con in corporate history" last week. It has now cancelled a €2.2 billion ($2.5 billion) share sale meant to help reduce debt levels. Billionaire…

MUMBAI: The business empire of under-fire Indian tycoon Gautam Adani has lost more than $100 billion in value over the past week as shares in several firms plunged again on Thursday, a day after the group cancelled a multi-billion-dollar public offering.

The day after a successful share sale, the conglomerate of Asia's former richest man has decided to return investors their money.

Gautam Adani's flagship firm called off its $2.5 billion share sale in a dramatic reversal on Wednesday as a rout sparked by a U.S. short-seller's criticisms wiped billions more off the value of the Indian tycoon's stocks.

India's market regulator is examining a recent crash in shares of Adani Group and looking into any possible irregularities in a share sale by its flagship company, a source with direct knowledge of the matter told Reuters on Wednesday.

The Indian tycoon's net worth has already shrunk by $48 billion this year.

By now, you might have heard about the tanking shares of the Adani firms. And how Gautam Adani, who was recently the second richest man in the world, has now dropped to the 15th position in the Forbes’ list of the world’s wealthiest. All over a week. 

Indian tycoon Gautam Adani no longer is Asia's richest man.

The Indian tycoon's conglomerate is being routed on the stock market, and where it ends is unclear.