Gautam Adani’s Wealth: Billionaire Gautam Adani reclaims a top 20 spot among the world’s wealthiest, driven by a surge in Adani Group stocks during the latest trading session. On Tuesday, all 10 listed companies of the Adani Group experienced a significant rally, leading to a collective market capitalization increase of over Rs 1 lakh crore.
This surge catapulted Gautam Adani’s personal net worth by $6.5 billion in a single day, securing him the 19th position on the Bloomberg Billionaires Index.
Surpassing notable billionaires like Julia Flesher Koch & family ($64.7 billion), Zhong Shanshan of China ($64.10 billion), and Charles Koch of the United States ($60.70 billion), Gautam Adani has achieved a new milestone. Despite this, his overall fortunes are down by $53.80 billion year-to-date, primarily due to a significant $150 billion downturn earlier in the year triggered by a critical report from US-based short seller Hindenburg Research.
In comparison, Mukesh Ambani holds the 13th spot in the billionaires list with a wealth of $89.5 billion, marking a $2.34 billion rise in notional wealth in 2023 so far.
As of November 28, the Adani Group commands a total market capitalization of Rs 11,31,096 crore, witnessing a substantial increase of Rs 1.04 lakh crore compared to the previous Friday. However, the group’s market cap remains down by 41 per cent from its peak of Rs 19.19 lakh crore on January 24.
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The rise in Adani stocks happened because the Supreme Court delayed its decision on the Adani-Hindenburg case. The court suggested that the market regulator, Sebi, should finish investigating all 24 cases. Also, the court mentioned it can’t question Sebi’s investigation into the Adani case just based on news stories.
Adani Group responded to the accusations from Hindenburg’s January report, saying that all issues were resolved by the authorities back then. The group called the accusations a “planned and harmful attempt to harm the Adani group’s reputation and make quick money by lowering Adani group stocks.”