Gautam Adani's Net Worth Surges to $70.3 Billion, Ranks 16th Globally Amid Adani Group Share Soar
Discover the astounding rise in Gautam Adani's net worth to $70.3 billion, making him the 16th richest globally. Fueled by a $10 billion surge in the past week and a 20% uptick in Adani Group shares, this news explores the significant financial developments. Delve into the impact of a positive report by the US International Development Finance Corporation (DFC) on Adani Group's shares and the ongoing legal scrutiny following Hindenburg Research's allegations of corporate fraud.
Gautam Adani, the chairman of the Adani Group, has seen a remarkable surge in his net worth, reaching a staggering $70.3 billion, as per the latest data from the Bloomberg Billionaires Index. Adani's wealth soared by an impressive $10 billion in just the past week, securing his position as the 16th richest individual globally. Notably, he is the second Indian to feature in the Top 20 list, following Mukesh Ambani, who holds the 13th spot with a total net worth of $90.4 billion.
This significant increase in Adani's fortune comes on the heels of a 20% surge in Adani Group shares. The surge was triggered by a report from the US International Development Finance Corporation (DFC), which concluded that allegations of corporate fraud against the conglomerate by Hindenburg Research were not pertinent. The DFC scrutinized these allegations before extending a loan for the Adani Group's port project in Sri Lanka.
All ten companies under the Adani Group continued their winning streak for the second consecutive week, collectively surpassing the total market capitalization of ₹13 lakh crore. On the Bombay Stock Exchange (BSE), Adani Green Energy witnessed a 20% surge to ₹1,348 per share, Adani Energy Solutions rose by 16.38% to ₹1,050, Adani Total Gas recorded a rally of 15.81% to ₹847.90, and the flagship firm Adani Enterprises rebounded by 10.90% to ₹2,805 per share.
Despite these gains, the Supreme Court of India, on November 24, reserved its judgment on a set of petitions seeking an investigation into allegations of accounting fraud and stock manipulation against Adani Group companies, raised in a research report by US short-seller Hindenburg Research. The court expressed reservations about appointing a special investigation team (SIT) without concrete evidence of lapses on the part of the Securities and Exchange Board of India (SEBI), emphasizing the need for a nuanced approach. Chief Justice DY Chandrachud noted that trust in SEBI should not be undermined without proper material and evidence.
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