Adani Family Surpasses Ambanis as India's Wealthiest Following Supreme Court Verdict

After the Supreme Court's recent ruling on Wednesday, refusing to intervene in the market regulator's investigation into alleged stock price manipulation by the Adani Group, a substantial surge in the conglomerate's stocks propelled Gautam Adani's family to the position of India's richest, overtaking Mukesh Ambani of Reliance Industries.

The stocks of Adani Energy Solutions experienced a remarkable surge of 11.60%, reaching ₹1,183.90. This surge came in the wake of the Supreme Court's decision not to intervene in the investigation, contributing to an overall market capitalization gain exceeding ₹15 lakh crore for the Adani Group.

Gautam Adani's family's net worth climbed to ₹9.37 lakh crore on Wednesday, up from ₹8.98 lakh crore the previous day. In contrast, Mukesh Ambani's family saw a slight dip in net worth to ₹9.28 lakh crore from ₹9.38 lakh crore during the same period, as reported by Business Standard.

Adani Group Stocks Rally: Notable Surge Across Entities

• Adani Energy Solutions surged by 11.60%, reaching ₹1,183.90.
• Adani Total Gas witnessed a notable increase of 9.84%, closing at ₹1,099.05.
• Adani Green Energy displayed a solid performance, climbing 6% to ₹1,698.75.
• Adani Power's shares ended 5% higher at ₹544.65.
• Adani Wilmar experienced a gain of 3.97%, closing at ₹381.05.
• NDTV shares jumped by 3.66% to settle at ₹281.60.
• Flagship firm Adani Enterprises saw a 2.45% increase, closing at ₹3,003.95.
• Adani Ports recorded a 1.39% rise, reaching ₹1,093.50.
• Ambuja Cements shares rose by 0.94% to ₹535.60.
• ACC inched up by 0.10%, closing at ₹2,270.

Supreme Court Verdict on Adani-Hidenburg Issue

The Supreme Court, in its judgment on Wednesday, declined to transfer the investigation into allegations of stock price manipulation by the Adani Group to a special investigation team or the CBI. The court expressed confidence in the market regulator SEBI's "comprehensive investigation" and directed it to promptly conclude the two pending investigations, preferably within three months.

Chief Justice D Y Chandrachud emphasized the limited power of the court to enter the regulatory domain of SEBI, stating that reliance on third-party reports does not inspire confidence. After the judgment, Gautam Adani remarked, "The Hon'ble Supreme Court's judgment shows that truth has prevailed. Satyameva Jayate."

In response, Congress general secretary Jairam Ramesh criticized Adani, asserting that "truth dies a thousand deaths when we hear Satyameva Jayate from those who have gamed, manipulated, and subverted the system this past decade."