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Remarkable Surge Of 30% In Adani’s Wealth; Rises To 2nd Richest In India

Gautam Adani's wealth surge has propelled him to the 16th spot among the world's wealthiest individuals.

Edited By : Malika Sahni | Updated: Dec 5, 2023 15:20 IST
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Indian tycoon Gautam Adani’s wealth surge has propelled him to the 16th spot among the world’s wealthiest individuals, as per the Bloomberg Billionaires Index. Within a mere week, Adani’s ascent climbed three positions, showcasing a remarkable 30% spike in wealth, amassing over $4.41 billion.

Presently, Adani commands a net worth of $70.2 billion. However, in comparison to his peak in January, hindered by the Hindenburg report, his wealth remains down by $50.3 billion, as noted in an ET report. Within the list of wealthy Indians, Adani secures the second position, trailing behind Mukesh Ambani.

Ambani maintains the 13th spot with an estimated net worth of $90.4 billion, witnessing an increase of over $3.33 billion in 2023. The rise in Adani Group stocks follows the recent electoral victories of the Bharatiya Janata Party (BJP) in crucial state elections, including Madhya Pradesh, Rajasthan, and Chhattisgarh. This success has propelled the combined market capitalization of Adani Group stocks beyond Rs 12 lakh crore.

This achievement marks a notable recovery for the Adani Group, which faced a downturn earlier in the year due to allegations of financial misconduct and stock manipulation by American short-seller Hindenburg Research. In just two sessions, Adani Enterprises shares surged by approximately 18%, experiencing a temporary trading halt after a 10% rise on Tuesday.

Despite starting the year as the world’s third richest individual, Adani’s ranking plummeted below 25 within a month of the Hindenburg report. However, the recent upswing in Adani stocks was triggered by the Supreme Court’s observation expressing faith in the investigation conducted by the Securities and Exchange Board of India (SEBI) against the conglomerate. The court, concluding its hearing on Friday, reserved its order on petitions in the Adani-Hindenburg dispute.

Furthermore, the Chief Justice-led bench probed SEBI about its strategies to shield investors from market volatility and short-selling, emphasizing the need for substantial evidence before establishing a special investigation team (SIT).

Aside from Gautam Adani and Mukesh Ambani, other prominent Indians in the league of the world’s wealthiest include Shapoor Mistry, Shiv Nadar, Savitri Jindal, Azim Premji, Radhakishan Damani, Uday Kotak, among others.

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First published on: Dec 05, 2023 03:20 PM IST

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