The founder of the Adani Group, whose stocks were battered earlier this year after a bombshell shortseller report in January, now ranks 20th on the Bloomberg Billionaires Index with a $65.8 billion fortune.
Huge Spike in Gautam Adani’s net worth
Gautam Adani’s wealth went up alot last week, increasing by $5.6 billion. This happened following a favorable Supreme Court hearing about the the Hindenburg report. Before that, Adani’s wealth went down due to accusations of corporate misconduct by a US short seller. However, the final judgment for the recent court decision is eagerly awaited.
Furthermore, Adani Group shares rose more roughly $9.8 billion in market valuation on Monday. This surge formed part of the overall market frenzy as Nifty 50 and Sensex achieved uncharted heights, celebrating the success of Prime Minister Narendra Modi’s party won in three state elections.
At the commencement of Monday morning, Sensex rocketed over 1,000 points, or 1.5%, reaching 68,525, while Nifty rose over 300 points, or 1.5%, nearing 20,600. Adani Enterprises shares skyrocketed 7.8%, Adani Green Energy surged 8.43%, Adani Total Gas gained 4.56%, Adani Power witnessed a rise of 5.35%, Adani Wilmar augmented by 2.59%, and Adani Ports documented a 6.10% surge by 1:20 pm on Monday.
The court had tasked Sebi with investigating the Hindenburg’s accusations against the Adani Group. The entire incident had resulted in the group losing $153 billion worth of market value.However, over the past few months, the group has got back a substantial portion of that value.
A six-member expert committee appointed by the court said in May that they didn’t find any mistakes or signs of cheating in how Adani’s stocks were handled.
