Indian billionaire Gautam Adani has slammed a US short-seller’s “attack on India” as a stock rout has caused the country to lose $70 billion in market value.

The shares of Adani Enterprises, which is owned by Asia’s richest man, have been in a freefall in the past month, leading to Adani losing $28 billion in personal wealth.

In response to the stock rout, US short-seller Hindenburg Research released a report alleging that Adani Enterprises had engaged in fraudulent activities. However, Adani has denied Hindenburg’s allegations and released a rebuttal video on YouTube.

In addition, Bloomberg has reported that the US short-seller’s allegations have opened a Pandora’s box, as India’s largest life insurance company, LIC, is now looking to “engage” with Adani over the allegations.

The stock rout has been felt across the Indian market, with $70 billion being lost in market value since the US short-seller’s report was released.

It remains to be seen how the Indian market will be affected by the allegations against Adani Enterprises.