Since the bribery indictment last week, Indian billionaire Gautam Adani's net worth has tumbled almost $16 billion to about $54 billion currently, according to Forbes real-time data. The group is also facing a backlash from investors and business partners.

Adani has been charged by U.S. federal prosecutors with defrauding investors for a solar energy project in India.

On Thursday, the Adani Group denied the allegations and called the indictment a “baseless move”. The group said it has “steadfastly maintained the highest possible standards

Adani Green Energy said that contrary to media reports, its chairman Gautam Adani and his aides have not been charged for violating the U.S. Foreign Corrupt Practices Act.

Prosecutors accused Adani of planning to bribe Indian government officials to help seal “contracts worth billions of dollars.”