Shares of Adani Enterprises, the flagship firm of Indian billionaire Gautam Adani, have plummeted after the firm pulled an equity sale that was expected to raise up to $1 billion. This has caused Adani bonds to reach distressed levels and has wiped out $90 billion from Adani’s business, making him no longer Asia’s richest man.

In response to the financial crisis, a group of India’s wealthiest have banded together in an effort to save Adani’s business. This includes a $100 million share offer from Adani’s billionaire peers, such as Sunil Mittal, Kumar Mangalam Birla and Radhakishan Damani.

However, some Western banks have been criticized for their involvement in the share offer, repeating the same mistakes made in China. Critics argue that the offer is an example of the Indian government’s “soft touch” to India’s wealthiest, and that it could lead to further financial mismanagement.

Adani Enterprises has yet to comment on the situation.

This is a developing story.