Gautam Adani reclaimed his spot among the top 20 richest people across the globe as his wealth grew by $4.38 billion in one day.
The embattled Adani group Founder and Chairman Gautam Adani reclaimed his position in the top 20 on the Bloomberg Billionaires list. On Tuesday, as Adani group companies’ share prices jumped in trade, the billionaire’s net worth surged by an $4.38 billion to $64.2 billion, propelling Gautam Adani to the 18th spot among the world’s wealthiest individuals, surpassing figures such as Zhong Shanshan and Jacqueline Badger Mars.
Gautam Adani slipped out of the top 20 list on 3 February as his net worth fell sharply following Hindenburg Research’s report on the Adani group and its founder. Once the second richest person in the world with a net worth of $154 billion in September 2022, Adani has lost $56.4 billion since the start of this year.
On Tuesday, Rajiv Jain’s GQG Partners raised their stake in Adani Enterprises by 10% and expressed commitment to take a part in the future of the ports-to-power conglomerate’s fundraising efforts in the future. The share price of the holding company soared 19% on Tuesday. The positive momentum extended to other companies within the Adani group, as their stock prices witnessed substantial gains. Notably, Adani Ports became the first Adani group firm to recoup all its losses following the dissemination of the report.
Supreme Court panel
Additionally, a supreme court panel, formed to investigate discrepancies in the Adani group highlighted by the short-seller’s report, stated that it was not possible to conclude if there was regulatory failure. This statement triggered a rally in the group’s shares. Bloomberg claimed on Tuesday that as a result of the surge in the companies’ rally Friday onwards, “the combined market value of 10 Adani stocks has surged about $22 billion since Thursday’s close. The value wipeout since Hindenburg’s report now stands at around $105 billion, down from as much as $153 billion at its worst.” Adani Enterprises’ share price lost around 0.8% in trade on Wednesday to Rs 2,612.
Hindenburg Research report
On January 24, Hindenburg Research published a report named “Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History.” It accused Gautam Adani and his brothers of stock manipulation and running various shell companies abroad, taking a short position in Adani Group Companies through US-traded bonds and non-Indian-traded derivative instruments. The report further added that its 7 key listed companies have 85% downside purely on a fundamental basis owing to sky-high valuations. However, the conglomerate has denied all allegations.
Eqwires Research Analyst
Top-notch SEBI registered research analyst
Best SEBI registered Intraday tips provider
Call: +91 9624421555 / +91 9624461555