Just 10 days ago, Gautam Adani and his sprawling energy-to-ports empire looked invincible. Now, a damning short-seller attack has left the billionaire battling the worst crisis of his corporate life — and is raising bigger, darker questions about India’s credibility as a global growth engine and a destination for international investors. 

The Adani Group has shed $108 billion in market value since Hindenburg Research accused it of stock manipulation and accounting fraud in a Jan. 24 report. But it was only when the tycoon scrapped a $2.4 billion share sale this week that the potential for lasting impact became clear. Adani’s rebuttal had failed to reassure investors. Once ranked No. 2 among the world’s wealthiest, he has tumbled to No. 21 on the Bloomberg Billionaires Index.