Gautam Adani back among top 20 billionaires after rally in group stocks

Gautam Adani back among top 20 billionaires after rally in group stocks

Gautam Adani, whose 10-listed group stocks added over Rs 1 lakh crore in market capitalisation on Tuesday, has re-entered the list of top 20 billionaire in the world, as per publicly available data with Bloomberg. The second-richest Indian added roughly $6.5 billion to his wealth in a single day to take his fortunes to $66.7 billion, as per Bloomberg. He is now ahead of the Julia Flesher Koch & family ($64.7 billion), China’s Zhong Shanshan ($64.10 billion) and US’ Charles Koch ($60.70 billion).  Adani was ranked 22 earlier.

Adani fortunes, meanwhile, are still down $53.80 billion notionally year-to-date, thanks to the $150 billion rout that his listed stocks witnessed earlier this year due to US-based short seller Hindenburg Research’s scathing report.  Mukesh Ambani at $89.5 billion wealth stands at 13th stop in the billionaires list. His has seen $2.34 billion rise in notional wealth in 2023 so far.

The Adani group commanded a total market capitalisation of Rs 11,31,096 crore on November 28 against 10,27,114.67 crore on Friday, up 1.04 lakh crore. The group m-cap is still down 41 per cent over Rs 19.19 lakh crore on January 24.

Adani stocks gained as the Supreme Court reserved its order in the Adani-Hindenburg case. The court observed the markets regulator Sebi should complete its probe into all 24 cases, while noting that the apex court can’t doubt Sebi’s probe into the Adani case by relying merely on media reports.

The Adani group had earlier suggested said the allegations made by Hindenburg in its January report were all settled by appropriate authorities at that time, claiming that the allegations were a “deliberate and malicious attempt aimed at damaging the reputation of the Adani group and generating short-term profit by driving down Adani group stocks.”

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