Updated January 5th, 2024 at 11:50 IST
Adani overtakes Ambani to become India’s richest man on Bloomberg Billionaires Index
According to the data on January 5, 2024, Gautam Adani stands as the 12th richest person with a net worth of $97.6 billion.
Adani overtakes Ambani: Gautam Adani, Chairperson of the Adani Group of companies, has overtaken Reliance Industries Chairman Mukesh Ambani on the Bloomberg Billionaires Index, once again to become India's and Asia's richest man.
Gautam Adani stands as the 12th richest person with a net worth of $97.6 billion, just ahead of Mukesh Ambani, who holds the 13th position with a net worth of $97 billion, according to the data on January 5, 2024.
The recent Supreme Court verdict favouring the ongoing market regulator's investigation into stock price manipulation allegations against the Adani Group, was a shot in the arm for the conglomerate, which already had its stocks in a solid recovery mode.
While some stocks, like Adani Ports, have fully recovered their Hindenburg losses and are trading at new highs, other group companies have managed to narrow their losses.
The overall market capitalisation of the Adani Group has surpassed the Rs 15 lakh crore mark, although it remains significantly below the peak of Rs 23 lakh crore.
However, the current market capitalisation is nearly triple the record low of Rs 5.8 lakh crore reached during the Hindenburg saga.
Adani-Hindenburg case verdict: Stocks rally, m-cap jumps
Adani Group stocks witnessed a remarkable upswing, surging up to 12 per cent after the Supreme Court rejected key demands of petitioners seeking to derail the SEBI investigation into allegations raised by Hindenburg Research. The overall market capitalisation of Adani Group stocks rose to nearly Rs 15.11 lakh crore. The positive verdict triggered gains across various Adani entities, including Adani Energy Solutions, Adani Total Gas, Adani Green Energy, Adani Power, Adani Wilmar, and more.
Gautam Adani's wealth, which took a hit in 2023, has shown resilience, and the Adani Group has taken strategic steps, including stake sales and debt reduction, to address investor concerns.
The Supreme Court has given the market regulator three months to complete its investigation against Adani Group. The top court also disregarded the George Soros-linked Organised Crime and Corruption Reporting Project (OCCRP) report saying it was not “conclusive proof” to doubt the SEBI probe or to transfer it to a Special Investigation Team (SIT).
One year after Hindenburg report
Hindenburg Research published its report against the Adani Group on January 24, 2023, when Gautam Adani was the third richest person in the world. The following days led to an erosion of Gautam Adani's wealth. In less than a month, Gautam Adani's wealth plummeted below $43.4 billion from around $121 billion, making him the 26th richest person.
Published January 5th, 2024 at 10:47 IST