Gautam Adani, the billionaire tycoon, and his family’s wealth have skyrocketed by 95% to reach ₹11.6 lakh crore over the last year, according to the 2024 Hurun India Rich List. This massive increase comes despite the negative publicity surrounding the Hindenburg report.
The report highlights that Adani, aged 62, and his family have topped the list this year, adding ₹5,65,503 crore to their net worth in just one year. Adani, a self-made entrepreneur, has seen the highest wealth growth among the top 10 billionaires over the past five years, increasing by ₹10,21,600 crore despite facing the Hindenburg crisis.
The surge in Adani’s wealth is largely due to the rising share prices of Adani Group companies. Adani Ports, for example, saw a 98% increase in its share price, thanks to better utilization and plans to acquire new ports and container terminals. Other Adani companies, such as Adani Energy, Adani Gas, Adani Transmission, and Adani Power, also experienced an average share price increase of 76%.
Additionally, the decision by MSCI to remove restrictions on Adani Group stocks in August 2024 suggests a more stable outlook for Adani Enterprises, Adani Ports, and Ambuja Cements. This move reflects a return to normal operations for the group.
Despite the gains, Adani is still under investigation by SEBI for allegations of corporate governance issues and share manipulation raised by Hindenburg. However, Adani’s companies have made a strong comeback, recovering all losses from the Hindenburg crisis earlier this year.
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