India’s Adani Group, a conglomerate owned by Asia’s richest man, has been plunged into turmoil following a series of events that have sent its shares into a tailspin.

The drama began when short seller Hindenburg Research released a report alleging fraud and questionable accounting practices at Adani Group. This triggered a $44 billion rout in the company’s share price, the largest in India’s history.

The Adani Group then announced it would launch a record share sale as part of a plan to raise capital and shore up its finances. This move has done little to stem the losses, however, with the company’s stocks continuing to plunge in the face of the fraud allegations.

The Adani rout has now deepened to $50 billion, putting further pressure on the company’s owner, Gautam Adani.

The situation has been further complicated by a separate report from the Financial Times alleging that Adani is planning to launch a key share sale in the face of the fraud allegations.

The future of the Adani Group remains uncertain, and the fallout from the Hindenburg report is likely to be felt for some time to come.