A year after the Hindenburg turmoil, Indian Billionaire Gautam Adani regained much of his wealth as his net worth climbed USD 2.7 billion to USD 100.7 billion.
Gautam Adani addressing while acquisition of Ambuja Cements (Image Source: Twitter)
A year after the Hindenburg turmoil, Indian Billionaire Gautam Adani regained much of his wealth as his net worth climbed USD 2.7 billion to USD 100.7 billion.
This is the highest surge seen since the Hindenburg Research accused Adani Group of brazen market manipulation and fraud, the allegations that the Adani Group denied.
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As on Wednesday, the shares of flagship Adani Enterprises Ltd rose for an eighth day following an earnings report last week that showed a 130 per cent surge in profit.
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Adani’s surge of wealth is happening as global investors’ increased focus in India, is helping boost stocks. Goldman Sachs Group Inc and Morgan Stanley are among the banks that have endorsed India as the prime investment destination for the next decade.
According to the Bloomberg Billionaires Index, Adani is now the 12th-richest person in the world, just one spot behind his compatriot, Mukesh Ambani. Adani has regained USD 16.4 billion this year.
However, while Ambani’s fortune hit a record high earlier this month, Adani’s is still about USD 50 billion below its 2022 peak.
Notably, Adani’s wealth slumped by more than USD 80 billion in the month following the report, reaching a low of USD 37.7 billion.
His conglomerate, which at one point lost more than USD 50 billion in market value, spent months wooing back investors and lenders, repaying debt and assuaging regulatory concerns.
Adani Group won fresh equity capital from marquee investors including GQG Partners LLC and Qatar Investment Authority in 2023.
Rajiv Jain’s GQG Partners LLC poured about USD 4 billion into Adani Group companies last year, while the Qatar Investment Authority invested almost USD 500 million and TotalEnergies SE bet USD 300 million on a joint venture with Adani Green Energy.
The Supreme Court in January ordered market regulator Sebi to conclude an investigation into the group within three months and said no more probes were needed, helping boost shares of the conglomerate.
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