Gautam Adani is Asia’s second richest person and the founder of Adani Group. In a twist of events, he is on the verge of losing his title of being Asia’s second richest person. As of June 14, NSDL (National Securities Depository Ltd) has frozen the accounts of three foreign funds namely, Albula Investment Fund, Cresta Fund and APMS Investment Fund. These are some of the biggest stakeholders in Adani’s firms.

However, the company termed the media report as ‘blatantly erroneous.’ Under the circumstances, Adani has lost over $10 billion in an hour. Reportedly, shares of Adani Group nosedived up to 25% in trade.