Gautam Adani's wealth rises by $5.6 billion amid market rally | Mint
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Business News/ Companies / People/  Gautam Adani's wealth rises by $5.6 billion amid market rally

Gautam Adani's wealth rises by $5.6 billion amid market rally

Billionaire Gautam Adani's net worth increased by $5.6 billion after a rally in his company shares following the Supreme Court hearing on the Hindenburg report-related matter.

Indian business tycoon Gautam Adani (REUTERS)Premium
Indian business tycoon Gautam Adani (REUTERS)

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.

Not seeking extension to finish probe into Adani-Hindenburg matter: Sebi to SC

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.

At record high! Sensex jumps over 1,100 points, Nifty over 300 points: 5 reasons why

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.

Adani Group to take final call on Wilmar JV stake divestment in three months

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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Published: 04 Dec 2023, 01:36 PM IST
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