India’s richest man, Gautam Adani, has seen a dramatic fall in his wealth over the past month. According to a report from CNBC, Adani’s shares have been caught in a “bloodbath” as his net worth has dropped by $28 billion.

The fall in Adani’s fortunes has been attributed to an investigation by short-seller Hindenburg Research, which alleged that the billionaire had engaged in deceptive practices. In response, Adani released a statement rebutting the claims and vowing to take legal action against the research firm.

Meanwhile, Chinese markets have seen a return to bull market territory, but Adani’s shares remain volatile. Bloomberg Markets and Finance reported that the Adani Group has opened a “Pandora’s Box” with its response to the allegations from Hindenburg Research.

The billionaire is now trying to win the perception war by striking back, according to Bloomberg. He is reportedly engaging in a public relations campaign to restore his reputation, but the long-term effects of the allegations remain to be seen.