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STORY: The market slump at India’s Adani group has deepened.

By Monday (January 30) shares in the company’s listed firms had lost a total $65 billion.

The slide comes after a scathing report by U.S. short-seller Hindenburg Research.

It says the group’s debt levels put it on a “precarious financial footing”.

Adani has dismissed the analysis, and said it could sue Hindenburg.

But the stock slide is bad timing.

Flagship unit Adani Enterprises is conducting a share offering this week.

Its stock is now sitting below the offer price, putting demand for the sale in question.

Foreign and domestic institutional investors appear to have made no bids.

While Adani insists the sale is proceeding as planned, Reuters sources say the timeline or price could be tweaked.

The slump is also taking a toll on Asia’s richest man.

Company boss Gautam Adani has seen his net worth tumble by tens of billions of dollars.

He’s now the world’s eighth richest man, down from third just a few days ago.