Holiday Ayo - Indian billionaire and the richest man in Asia, Gautam Adani, his wealth has plummeted. Gautam Adani's companies in India suffered massive losses. Adani's company shares lost more than US$ 100 billion or around IDR 1,480 trillion (exchange rate of IDR 14,800) last Thursday.

The severe fall in Adani's company shares raised fears of a systemic impact. Moreover, this condition occurred the day after the Adani Group failed to raise US$ 2.5 billion in funds.

India's National Stock Exchange said it had placed the likes of Adani Enterprises, Adani Ports and Ambuja Cements on special watch.

As if it had been hit by a ladder, Adani's company shares in the US stock market were also experiencing problems.

Reporting from Reuters, Friday (3/2), the S&P Dow Jones Index said it would remove Adani Enterprises shares from its index as of February 7. This will make Adani's shares less attractive to investors.

The collapse of Adani's own business work occurred after a research report by the Hindenburg Institute based in the United States highlighted that the Adani group was carrying out short-seller-based fraud.

A week after the research was released to the public, shares of the Adani group plunged sending shockwaves across markets, politics and business.

Adani shares fell, opposition lawmakers called for a wider investigation and India's central bank acted to check the bank's exposure to the group. Meanwhile, Citigroup's wealth unit stopped providing clients with margin loans against Adani Group securities.

In a surprise move late on Wednesday, Adani called off the share sale as the share slump sparked by Hindenburg's criticism intensified.

"Adani may have started a crisis of confidence in Indian stocks and that could have broader market implications," said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.

Adani Enterprises shares plunged 27% on Thursday, closing at their lowest level since March 2022. Other group companies also lost further ground, with losses of 10% in Adani Total Gas, Adani Green Energy and Adani Transmission.