Gautam Adani's Net Worth Surges $5.6 Bn Amid Market Rally
Billionaire Gautam Adani experienced a substantial boost of USD 5.6 billion in his net worth last week, following a rally in the shares of his companies, driven by positive developments related to the Supreme Court hearing on the Hindenburg report. This surge marked a reversal of the wealth erosion faced earlier in the year when a US-based short seller made allegations of corporate malfeasance against the Adani Group in a report issued on 24 January.
The Supreme Court, last month, reserved its verdict on petitions seeking an examination of fraud allegations against the Adani conglomerate. The court emphasised that scathing media reports should not be taken as the "gospel truth." While the final ruling is pending, the positive outcome of the court's order has propelled Gautam Adani to the 20th position on the Bloomberg Billionaires Index, with a current fortune of USD 65.8 billion.
Furthermore, Adani Group stocks witnessed a remarkable addition of about USD 9.8 billion in market value on a recent Monday. This surge was part of the broader market momentum, with Nifty 50 and Sensex reaching new highs as investors celebrated the victory of Prime Minister Narendra Modi's party in three state elections.
As of the latest update, the Sensex was up over 1,000 points or 1.5 per cent at 68,525 and the Nifty recorded a gain of over 300 points, or 1.5 per cent, near 20,600. Notably, shares of flagship firm Adani Enterprises surged by 7.8 per cent, while Adani Green Energy observed an 8.43 per cent jump. Adani Total Gas shares gained 4.56 per cent, and Adani Power saw a surge of 5.35 per cent. Additionally, Adani Wilmar and Adani Ports recorded increases of 2.59 per cent and 6.10 per cent, respectively, reflecting the positive sentiment in the market.
