According to Bloomberg, Gautam Adani boosted his net worth by $10 billion in the last week and is now the 16th richest person in the world. According to the Bloomberg Billionaires Index, the chairman of Adani Group currently has a wealth of $70.3 billion.
Adani is the second Indian on the Top 20 list, following Mukesh Ambani, who is ranked 13th with a net worth of $90.4 billion.
On Tuesday, Adani Group shares climbed 20% following a study by the US International Development Finance Corporation (DFC) concluding that Hindenburg Research’s charges of corporate fraud against the company were unfounded.
According to sources, the DFC investigated the charges against the Group before approving a loan for the Indian conglomerate’s port project in Sri Lanka.
For the second consecutive session this week, all ten businesses extended their advances and surpassed the 13 lakh crore overall market value threshold.
On the BSE, Adani Green Energy shares increased 20% to Rs. 1,348 per share, Adani Energy Solutions increased 16.38% to Rs. 1,050, Adani Total Gas increased 15.81% to Rs. 847.90, and Adani Enterprises increased 10.90% to Rs. 2,805 per share.
On November 24, the Supreme Court delayed its decision on a slew of petitions seeking an investigation into charges of accounting fraud and stock manipulation leveled against Group firms in a research report by US short seller Hindenburg Research.
The Supreme Court had stated that appointing a special investigation team (SIT) to look into alleged violations of minimum public shareholding (MPS) norms by group companies would be inappropriate without evidence of lapses on the part of the Securities and Exchange Board of India (Sebi).
“Where is the material before us to start doubting Sebi? Sebi is a statutory body exclusively entrusted with investigating stock market manipulation. Is it proper for the highest court of the land to say without any proper material that ‘we don’t trust Sebi, and we will form our own SIT’? This has to be done with a great deal of calibration,” the Supreme Court’s panel led by Chief Justice DY Chandrachud told counsel Prashant Bhushan, who was representing the petitioners.
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