Gautam Adani falls out of world top 10 rich list as his companies’ shares slide

Abu Dhabi fund's $400m investment in Indian group fails to stop fall in value after fraud allegations

The Indian billionaire Gautam Adani has fallen off the list of the world's top 10 richest people as the value of shares in his companies continue to slide after an activist investor accused him of pulling the largest con in corporate history".

Before the accusations published last week on Twitter, Adani, 60, was the world's third-richest person with an estimated $119.5bn (97bn) fortune. He has fallen to 11th place in the daily-updated Bloomberg billionaires index after a personal wealth wipeout of $34bn in just four days of trading since the accusations were published.

Shares in Adani's companies continued to slide on Tuesday despite a $400m investment from an Abu Dhabi investment fund linked to the country's royal family.