The Adani Group, one of India’s most prominent conglomerates, has lost more than $100 billion in the wake of a damning report by Hindenburg Research. This has caused their flagship follow-on public offering (FPO) to be called off, and has caused the wealth of its chairman, Gautam Adani, to plummet by $90 billion, according to CNN.

The report by Hindenburg Research alleges that Adani has been involved in fraudulent practices, including overstating profits, inflating revenues, and hiding debt. This has caused Adani’s stock to tank, and has caused investors to lose confidence in the company.

In response to the report, Adani Group has issued a statement denying the allegations and asserting that its financials are in order. The statement also noted that the company is taking legal action against Hindenburg Research.

In an attempt to shore up investor confidence, Adani Group’s billionaire backers have banded together to launch a share offer. The offer is intended to raise funds to help the company weather the storm, according to Bloomberg.

Despite the efforts of Adani Group’s billionaire backers, the company’s stock continues to suffer. This has caused many to question the future of the conglomerate, and has led to speculation that it may be forced to restructure or even sell off some of its assets.

The situation is being closely watched by investors and analysts alike, as it could have a significant impact on India’s economy. For now, Adani Group remains in a state of turmoil, and only time will tell how it will weather the storm.