Indian billionaire Gautam Adani's net worth continues to decline as he falls from being the third richest person in the world to seventh in the Forbes Real Time Billionaires' list.

The development came as Adani Group shares plummet following fraud allegation by US short seller Hindenburg Research report on his corporate empire.

Adani's net worth stands at $96.6 billion as of today, according to Forbes.

However, the industrialist is still the richest man in Asia. The second Asian businessman to make it to the list is Mukesh Ambani on the 10th position with $83.6 billion net worth.