Gautam Adani’s Return to the Top 20 Richest Club

Gautam Adani, India’s second wealthiest individual, has once again ascended into the prestigious top 20 billionaires club globally. This resurgence follows a significant rally in all ten publicly listed companies under the Adani Group, spurred by the Supreme Court’s dismissal of the credibility of reports from Hindenburg and OCCRP.

Stock Rally and Wealth Reclamation

On Tuesday, Adani Group’s listed entities witnessed a robust surge in their stock prices, as neither the Supreme Court nor the market regulator Sebi found substantial evidence against the group or sought additional time for investigations. Consequently, Gautam Adani’s wealth soared by $6.5 billion in a single day, propelling him to the 19th position on the Bloomberg Billionaire Index, with a net worth of $66.7 billion.

Position Among Indian Billionaires

With this remarkable surge, Gautam Adani now stands as the second wealthiest individual in India, trailing only behind Mukesh Ambani, who occupies the 13th spot globally with a net worth of $89.5 billion.

Recovery from the Hindenburg Report

Earlier this year, US-based research firm Hindenburg released a report that accused Gautam Adani’s companies of stock manipulation among other allegations. This report led to a notable decline in the group’s stock prices. However, following the Supreme Court’s declaration regarding the credibility of these reports, the Adani Group’s stocks experienced a sharp rebound, gaining $15 billion in a single day, marking the most significant increase since the release of the controversial report.

Adani Enterprises Leads the Rally

Among the Adani Group entities, Adani Enterprises spearheaded the rally with a remarkable 13% surge in its stock price on Tuesday. Despite this resurgence, Gautam Adani’s net worth remains lower by approximately $53.8 billion year-to-date, reflecting the tumultuous journey his wealth has undergone amid the Hindenburg saga.