Stock rout: Gautam Adani no longer Asia's richest

STORY: A stock rout has cost Gautam Adani the title of Asia’s richest person.

Shares have tumbled at his namesake Adani Group.

The total market value of associated companies was down $84 billion by Wednesday (February 1).

That after a critical report by U.S. short-seller Hindenburg Research.

It has raised concerns about the conglomerate’s debt levels, and says it made improper use of offshore tax havens.

The company calls the allegations baseless.

But it’s all taken a very big toll on Gautam Adani’s net worth.

It's tumbled by tens of billions to under $77 billion, dropping him to fifteenth on Forbes' list of the richest people.

Just days ago he was third, and the richest in Asia.

Now he comes some way behind rival Mukesh Ambani, chairman of India’s Reliance Industries.

The stock tumble comes despite one bit of relief on Tuesday (January 31).

Flagship unit Adani Enterprises managed to complete a share sale, which many had thought would have to be abandoned.

The success brought only temporary respite, however, with shares in the unit plunging again the following day.