Adani Group chairman and billionaire Gautam Adani has made it back to the top 20 on world billionaires’ list. Adani has a net worth of $64.2 billion and is on the 18th spot in the Bloomberg Billionaires’ Index. His net worth saw a rise of $4.38 billion as Adani Group stocks logged a rise earlier in the day.
Gautam Adani slipped below the top 20 on the list of world’s wealthiest people in February this year after his net worth took a massive hit following Hindenburg Research’s report on the group.
With a net worth of $154 billion, Adani was the second richest person in the world in September 2022. However, he lost $56.4 billion since the start of 2023, on the back of allegations made by the Hindenburg report.
However Adani Group stocks have experienced a surge that is driven by factors such as fresh investments from GQG Partners and also because of the Supreme court ruling which did not find any regulatory failure in the Adani Hindenburg case.
This week, the shares of all 10 Adani Group companies witnessed an increase in market capitalisation, rising by Rs 63,418.85 crore in just one day. Subsequently, the total market capitalisation surpassed Rs 10.16 lakh crore.
The Securities and Exchanges Board of India is still probing Hindenburg’s allegations, but the market seems to have taken the apex court’s recent observation as a clean chit to Adani. Besides retail investors, the Adani stock’s revival has cheered India’s largest insurer Life Insurance Corporation (LIC), too.