Billionaire Gautam Adani added $5.6 billion to his net worth last week after shares of his companies rallied following the Supreme Court hearing on Hindenburg report-related matter, Bloomberg report said.
The business tycoons’ wealth eroded early this year after a US-based short seller alleged wide-ranging corporate malfeasance against billionaire Adani Group in its 24 January report.
However last month, the top court reserved its verdict on a batch of petitions seeking examination of allegations of fraud against the Adani conglomerate. The apex court in its verdict mentioned that it won’t take scathing media reports on the conglomerate as the “gospel truth.” The final ruling is awaited.
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After the Court’s order, the industrialist ranks 20th on the Bloomberg Billionaires Index with a $65.8 billion fortune.
Additionally, Adani Group stocks added about $9.8 billion in market value on Monday. The surge in stock was part of Nifty 50 and Sensex scaling new highs as market investors cheered a victory by Prime Minister Narendra Modi’s party in three state elections.
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On Monday, at 9.30 am, the Sensex was up over 1,000 points, or 1.5%, at 68,525 and the Nifty was up over 300 points, or 1.5%, near 20,600. Shares of flagship firm Adani Enterprises jumped 7.8% while those of Adani Green Energy jumped 8.43%. Shares of Adani Total Gas clocked a gain of 4.56%. Shares of Adani Power surged 5.35% while shares of Adani Wilmar rose 2.59%, and Adani Ports shares rose 6.10% at 1:20 pm on Monday.
Adani Enterprises share price, other group stocks surge up to 15% as Nifty 50 jumps to record high
Last month stock prices of Adani-owned firms soared by almost ₹15,000 after SC’s order. Nine of the 10 listed group companies ended in the green, adding ₹14,786 crore in group market capitalization, stock exchange data showed.
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The overall market capitalisation of the 10 Adani Group companies stood around ₹10.26 lakh crore after the court’s hearing.
A first-generation entrepreneur who started as a diamond trader in Mumbai in the 1980s and was the second-richest person briefly in 2022, Gautam Adani has lost $55 billion — the biggest wealth loss for any tycoon this year.
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Updated: 04 Dec 2023, 01:36 PM IST