Indian billionaire Gautam Adani, who once was clashing with the top three richest people in the world, has now been out of the race as his fortune has been plummeting historically in the wake of Hindenburg Research's report that made series of allegations against Adani's empire over involving in fraudulent transactions and share price manipulation.

As the report had swiftly drawn global attention, it has given a big blow to the companies share prices, pushing him to lose the spot in the top ten richest people in the world. Gujarat-based tycoon Gautam Adani, who allegedly has a strong relationship with Prime Minister Narendra Modi, had recorded a dramatic surge to his fortune in recent years and last year, he had surpassed the wealth of Amazon's Jeff Bezos and become the world's second richest person after Elon Musk.

However, there have been shocking twists in the tale and Adani's wealth is taking a massive hit within a short span of time. In the aftermath of Hindenburg Research's report, Adani has endured a historical downfall in the wealth index. Adani had earlier held the fourth spot with the wealth of $119 billion and now, he has been slipped to the 11th place on the Bloomberg Billionaires Index, with a personal wealth wipeout of $34 billion in just three trading days.

In what has become back-to-back setbacks for Adani, he is now in the verge of losing the tag of the richest person in India if his empire drives in a downward trend. According to reports, with the current fortune of $84.4 billion, Gautam Adani is now one spot above Reliance's Mukesh Ambani, whose net worth is $82.2 billion. As the Hindenburg's report has sparked a turmoil within his empire, Adani has been hitting back at the US-based research group and his company has rejected the allegations made by Hindenburg Research.

It's report was made up of hundreds of pages and thousands of words and responding to Adani's criticism, Hindenburg said, 'Fraud cannot be obfuscated by nationalism'. Amid slamming Hindenburg, the Adani Group was counting bad news to a scale where Adani had dropped seven positions in the list of top ten richest people in the world in the last one week. Playing a spoilsport in Adani's fortune, the research firm also said that it's taking short positions in the group's US-traded bonds and non-Indian-traded derivative instruments.

The stockprice of all nine Adani Group companies have plunged and it had wiped off Rs 5.57 lakh crore in the group's market value since the report was released. The stockprice of Adani Group started to fell up to 20% last Friday, when the report was released, and since then, the company has been recording a downfall. The current list of top ten richest people in the world include - Bernard Arnault ($189 billion), Elon Musk ($160 billion), Jeff Bezos ($124 billion), Bill Gates ($111 billion), Warren Buffett ($107 million), Larry Ellison ($99.5 billion), Larry Page ($90 billion), Steve Ballmer ($86.9 billion), Sergey Brin ($86.4 billion), and Carlos Slim ($85.7 billion). While Adani and Ambani are placed in 11th and 12th rank with $84.4 billion and $82.2 billion respectively, the race is now between the top two billionaires in India.