Tuesday saw a strong gain in the share prices of the Adani Group’s ten listed firms, increasing the group’s total market capitalization by more than Rs 1 lakh crore. Gautam Adani is now ranked 19th on the Bloomberg Billionaires Index as a result of his personal net worth increasing by $6.5 billion in a single day.
A brief about Gautam Adani makes $6.5 billion in a single day, propelling him back into the top 20 richest list
With this, Gautam Adani has eclipsed well-known billionaires like Charles Koch of the United States ($60.70 billion), Zhong Shanshan of China ($64.10 billion), and Julia Flesher Koch & family ($64.7 billion).
Adani’s overall results, however, are still theoretically down by $53.80 billion year to date. This is because of the notable $150 billion decline that occurred earlier in the year as a result of a critical report published by US-based short seller Hindenburg Research.
With $89.5 billion in wealth, Mukesh Ambani is ranked 13th on the list of billionaires. This represents a $2.34 billion increase in notional wealth in 2023 thus far.
The Adani Group’s total market capitalization as of November 28 was Rs 11,31,096 crore, a significant increase of Rs 1.04 lakh crore from the previous Friday. Nonetheless, the market capitalization of the group has decreased by 41% from its highest point of Rs 19.19 lakh crore on January 24.
Following the Supreme Court’s reservation of its ruling in the Adani-Hindenburg case, Adani stock prices surged. The markets regulator, Sebi, should wrap up its investigation into all 24 cases, the court recommended. Furthermore, the court ruled that it was insufficient to question Sebi’s investigation into the Adani case on the basis of media reports alone.
The Adani Group responded to the accusations made by Hindenburg in its January report by stating that all claims were resolved at that time by the relevant authorities. The accusations were described by the group as a “deliberate and malicious attempt aimed at damaging the Adani group’s reputation and generating short-term profit by driving down Adani group stocks.”
