Billionaire Gautam Adani, the chairman of Adani Group has again entered in the list of the top 20 world billionaires, thanks to the stellar rally in shares of the group companies. Adani’s net worth climbed by $4.38 billion to $64.2 billion and is now ranked 18th in the Bloomberg Billionaires’ Index.
Gautam Adani slipped below the top 20 on the list of world’s wealthiest people in February this year after his net worth took a massive hit following Hindenburg Research’s report on the group.
With a net worth of $154 billion, Adani was the second richest person in the world in September 2022. However, he lost $56.4 billion since the start of 2023, due to allegations made by the Hindenburg report.
Shares of Adani Group companies have been witnessing a sharp rally this week on the back of certain factors including fresh investments from GQG Partners. GQG Partners brought a stake worth Rs 15,446.35 crore in Adani Enterprises, Adani Ports, Adani Green Energy, and Adani Transmission in March this year. The value of this investment rose to Rs 25,515.50 in Tuesday’s intraday trade, up 65 per cent.
GQG Partners owner Rajiv Jain called Adani Group stock as ‘the best infrastructure assets available in India’ in an interview with Bloomberg.
Earlier this week, Adani Group’s market capitalisation also topped the Rs 10 lakh crore mark after the Justice AM Sapre committee report suggested that it was not possible to conclude there was a regulatory failure on Hindenburg’s price manipulation allegations.
Adani Group’s m-cap jumped from Rs 68,400 crore to Rs 10,03,861 crore in Monday’s trade versus Rs 9,34,485 crore on Friday’s closing. This is still 48 per cent lower than the Group’s Rs 19.20 lakh crore m-cap on January 24, when the Hindenburg report came out.
The US-based short seller Hindenburg Research accused Adani Group of indulging in stock manipulation and accounting fraud at its firms. After this report, the group withdrew its follow-on public offer (FPO) worth Rs 20,000 crore and took measures to ease debt-related concerns.