Gautam Adani has re-entered the top 20 richest persons in the world, thanks to a recent surge in the stocks of Adani Group firms. Adani is now the 19th richest person in the world, according to the Bloomberg Billionaires Index, with a net worth of $66.7 billion.
On Tuesday, shares of Adani Group firms rose 5-20% after the Supreme Court deferred its decision in the case involving charges made by US-based Hindenburg Research and the Securities and Exchange Board of India's (Sebi) inquiry.
The group's 11 listed companies increased their market capitalization by more than Rs 1 trillion, surpassing the Rs 11 trillion barrier once more. This was the largest single-day increase in the group's market capitalization since April 11. Experts said the gains were due to improved market optimism following last week's Supreme Court proceedings and anticipation that the port-to-power business now had a clear route to growth.
The hearing on the broad allegations was concluded by the Supreme Court last week. Sebi informed the court that it will not request any further time to conclude its probe. It stated that of the 24 concerns studied, 22 had been completed and reports had been provided, while two required information from outside regulators.
However, most Adani Group equities closed in the red on Wednesday. Only Ambuja Cements, Adani Total Gas, and ACC Ltd ended the day in the black. Adani is notable for being the second richest Indian behind Mukesh Ambani. Ambani is now the world's 13th richest person, with a net worth of $89.5 billion.
Within a month of the Hindenburg report's release in January, Adani's position had dropped to below 25. Adani was the world's third-richest person at the start of 2023. Elon Musk is the richest person in the world, according to the Bloomberg Billionaires Index, with a net worth of $228 billion. Following him are Jeff Bezos and Bernard Arnault, who have net worths of $171 billion and $167 billion, respectively.