 "Gautam Adani, Adani")
Gautam Adani is back in the top 20 richest people in the world on the back of the rally witnessed by stocks of the Adani Group companies in the last few days. According to the Bloomberg Billionaires Index, Adani is now the 19th richest person in the world, with a net worth of $66.7 billion.
On Tuesday, the shares of the Adani Group companies rallied 5-20 per cent after the Supreme Court reserved its orders in the matter pertaining to allegations made by US-based Hindenburg Research and their investigation by the Securities and Exchange Board of India (Sebi).
The group's 11 listed companies added over Rs 1 trillion in market capitalisation (mcap), surpassing the Rs 11 trillion mark once again. This was the biggest single-day jump in the group's market cap since April 11. Experts said the gains were owing to improvement in investor sentiment following last week's proceedings in the Supreme Court and hopes that the port-to-power conglomerate will now have a clear pathway to growth.
Last week, the apex court concluded the hearing on the wide-ranging allegations. Sebi told the court it would not seek any extension to complete its investigation. It said that of the 24 matters investigated, it had concluded the investigation in 22 and submitted the reports, while two required information from overseas regulators.
On Wednesday, however, most Adani Group stocks closed in the red. Only Ambuja Cements, Adani Total Gas and ACC Ltd closed in the green.
Notably, Adani is the second richest Indian behind Mukesh Ambani. Ambani is currently the 13th richest person in the world, with a net worth of $89.5 billion.
Adani's rank had slipped to below 25 within a month after the Hindenburg report released in January. At the start of 2023, Adani was the world's third-richest person.
According to the Bloomberg Billionaires Index, Elon Musk is the richest person globally, with a net worth of $228 billion. Jeff Bezos and Bernard Arnault follow him with net worths of $171 billion and $167 billion, respectively.
