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In a remarkable financial feat, Gautam Adani witnessed a staggering increase of $10 billion in his net worth within the past week, catapulting him to the 16th position in the global rich list, as per the Bloomberg Billionaires Index. The Adani Group chairman now commands a formidable fortune of $70.3 billion, firmly establishing himself as a prominent figure in global wealth rankings.
Adani’s Soaring Wealth in Global Rankings
Gautam Adani’s meteoric rise places him as the second Indian in the Top 20 list, closely following Mukesh Ambani, who holds the 13th spot with a total net worth of $90.4 billion. This significant achievement underscores the remarkable success and influence of Indian business tycoons on the global economic stage.
Market Reaction to DFC Report
The surge in Adani’s wealth comes on the heels of a notable development in the stock market. On Tuesday, Adani Group shares experienced a substantial 20% surge following a report by the US International Development Finance Corporation (DFC). The report dismissed Hindenburg Research’s allegations of corporate fraud against the conglomerate, asserting their lack of relevance. The DFC’s scrutiny of the allegations was part of the due diligence process before extending a loan for the Adani Group’s port project in Sri Lanka.
Market Rally and Capitalization Milestone
Adani Group’s positive momentum continued as all 10 affiliated firms sustained gains for the second consecutive session, breaching the remarkable total market capitalization mark of ₹13 lakh crore. Notably, shares of key entities such as Adani Green Energy, Adani Energy Solutions, Adani Total Gas, and flagship firm Adani Enterprises exhibited significant surges on the Bombay Stock Exchange (BSE).
Supreme Court’s Stance on Adani Group Allegations
Against the backdrop of this financial upswing, the Supreme Court of India, on November 24, reserved its judgment on multiple petitions seeking an investigation into allegations of accounting fraud and stock manipulation against Adani Group companies. These allegations were initially raised in a research report by US short-seller Hindenburg Research.
The Supreme Court expressed reluctance to appoint a special investigation team (SIT) without concrete evidence of lapses on the part of the Securities and Exchange Board of India (Sebi). The court questioned the need to doubt Sebi’s credibility, emphasizing the importance of calibration in addressing such matters.
