Gautam Adani has lost $48 billion personally and his group of stocks have lost $109 billion in total

Losses across Gautam Adani’s main businesses hit $107 billion by 10 a.m. London time on Thursday since the Jan. 24 publication of Hindenburg's report.

The Adani firmly denied the accusations as “nothing but a lie."

“It is tremendously concerning that the statements of an entity sitting thousands of miles away, with no credibility or ethics has caused serious and unprecedented adverse impact on our investors,” the Adani response said, describing Hindenburg as an “unethical short seller.”

“Hindenburg has not published this report for any altruistic reasons but purely out of selfish motives and in flagrant breach of applicable securities and foreign exchange laws,” it said.

Hindenburg responded that the Adani commentary “predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative, claiming our report amounted to a ‘calculated attack on India’.”

Adani stopepd their follow-on-public offering this week, saying:

“The interest of the investors is paramount and hence to insulate them from any potential financial losses, the Board has decided not to go ahead with the FPO."