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 swelled 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, on the back of 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
On Tuesday, the overall market capitalisation of all 10 Adani Group stocks rose by ₹63,418.85 crore in a single day. It further jumped to more than ₹10.16 lakh crore. However, this is still significantly lower than the Group’s peak valuation of ₹19.20 lakh crore on January 24, before the Hindenburg report was released.
The rally in Adani group stocks was seen after the group received a clean chit from the Supreme Court panel that was looking into allegations made by Hindenburg Research. The panel said it found no evidence of a 'regulatory failure' by the group.
Moreover, the group’s recent investor GQG Partners also raised its stake in the companies by around 10%. The veteran investor Rajiv Jain led GQG Partners LLC will also take part in the conglomerate’s future fund raising, doubling down on what he calls “the best infrastructure assets available in India."
In March, GQG acquired almost ₹15,446 crore investment into four Adani Group companies. The value of this investment now stands at around ₹25,515 crore, up by a staggering ₹10,069 crore.
