Gautam Adani, founder and Chairman at Adani group, has seen $17.70 billion jump in his fortunes since February 27, taking him closer to the list of top 20 billionaires globally. At present, Adani, 66, is valued at $55.40 billion and ranked 21st in the Bloomberg Billionaire list.
Thanks to a sharp recovery in Adani group shares namely Adani Enterprises, Adani Green Energy, Adani Power, Adani Transmission and Adani Total Gas, Adani's fortunes have seen a sharp rebound from a low of $37.7 billion on February 27. To be sure, shares of Adani group companies have rallied up to 31 per cent in the last five sessions, as the group took several steps to allay investor concerns.
Shares of Adani Enterprises have rallied 30.77 per cent in the last five sessions. Adani Total Gas has jumped 28.36 per cent in the last five trading sessions. Adani Green Energy is up 21.54 per cent while Adani Power has gained 19.32 per cent during the same period. Adani Transmission has gained 21.84 per cent in the last five sessions. Adani Wilmar is up 21 per cent while Adani Ports & SEZ has advanced 17 per cent during the same period. NDTV, ACC and Ambuja Cements have also gained up to 22 per cent in the last five sessions.
The Adani shares have recovered recently after the group said it has repaid share-based financing of Rs 7,374 crore and would prepay all such remaining loans by the end of the month. In addition, SB Adani Family Trust recently sold Rs 15,446 crore worth stakes in four Adani group firms to US-based GQG Partners. Besides, the conglomerate has lined up more road shows to shore up investor confidence after Hindenburg Research's scathing report on January 24, which sent the group market capitalisation falling as much as $150 billion recently.
Adani alone was worth $150 billion in September last year. But since then, the group shares were showing a downward trend. A report by Hindenburg Research on January 24, however, triggered a selloff in Adani group scrips, as it alleged accounting frauds and stock manipulation at the group companies.
Recently Supreme Court ordered the market regulator Sebi to conduct an investigation to ascertain if the conglomerate violated market norms. The Adani group, which has been denying the allegations of accounting fraud and stock manipulation made by the US-based short seller Hindenburg Research, welcomed the move.
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