In a remarkable turn of events, billionaire Gautam Adani witnessed a substantial boost of $5.6 billion in his net worth last week, fueled by a surge in the shares of his companies following a Supreme Court hearing related to the Hindenburg report, according to a Bloomberg report.
Earlier this year, Adani faced a decline in his wealth after a US-based short seller leveled accusations of widespread corporate malfeasance against the Adani Group in a report on January 24. However, the tide turned in Adani’s favor last month when the Supreme Court reserved its verdict on petitions examining fraud allegations against the conglomerate. The court emphasized that scathing media reports should not be considered the “gospel truth.” The final ruling is still awaited.
Following the court’s order, Gautam Adani now holds the 20th position on the Bloomberg Billionaires Index with a net worth of $65.8 billion.
Additionally, Adani Group stocks witnessed an impressive increase of about $9.8 billion in market value on Monday. This surge coincided with the Nifty 50 and Sensex reaching new highs, driven by investor enthusiasm over the victory of Prime Minister Narendra Modi’s party in three state elections.
At 9:30 am on Monday, the Sensex recorded a gain of over 1,000 points, or 1.5%, reaching 68,525, while the Nifty experienced an increase of over 300 points, or 1.5%, nearing 20,600. Notable gains were observed in shares of flagship firm Adani Enterprises (up 7.8%), Adani Green Energy (up 8.43%), Adani Total Gas (up 4.56%), Adani Power (up 5.35%), Adani Wilmar (up 2.59%), and Adani Ports (up 6.10%) at 1:20 pm on Monday.
Last month, Adani-owned firms witnessed a substantial rise in stock prices, with a combined gain of almost ₹15,000 following the Supreme Court’s order. Nine out of the 10 listed group companies ended positively, contributing ₹14,786 crore to the group’s market capitalization.
Gautam Adani, a first-generation entrepreneur who initially ventured into diamond trading in Mumbai in the 1980s, briefly held the position of the second-richest person in 2022 but faced a notable wealth loss of $55 billion, marking the most significant wealth decline for any tycoon this year.
