As shares of most Adani firms plunged on Monday in the aftermath of the US-based short seller Hindenburg Research’s report, Gautam Adani has now lost his position on the world’s ten richest billionaires list.

According to the Bloomberg Billionaires Index, Adani is now in the 11th position, with a wealth of $84.4 billion.

Last week, Hindenburg Research alleged that the Indian conglomerate had used a string of companies in tax havens to inflate revenue and stock prices even as debt piled up. Adani has been losing billions every day since the report was published, up to a total of $68 billion in market value to date.

Adani Group on Sunday night released a 413-page document to answer 65 of the 88 questions from Hindenburg Research. However, it seems that Adani’s attempt to restore confidence in his companies is falling flat with investors.

Subscription for the $2.5 billion share offer by Adani Enterprises, which closes on Tuesday, was at just 3% on Monday, despite an agreement by UAE-based conglomerate IHC to invest $400 million in the issue.

Mukesh Ambani, Chairman of Reliance Industries Limited, is in the 12th position on the Bloomberg Index, with a net worth of $82.2 billion.

(Reporting by Seban Scaria; editing by Daniel Luiz)