Billionaire Gautam Adani has moved past Mukesh Ambani to become the richest Indian and 12th most valued person in the world, the latest update at Bloomberg Billionaire index suggested. With a $7.67 billion bump to his fortunes in a single day, following the Supreme Court's verdict on Hindenburg Research case, Adani is now worth $97.6 billion, surpassing Mukesh's $97 billion. He is now eyeing the $100 billion mark, as his group stocks continue to see positive momentum on domestic bourses.
Gautam Adani, 61, has seen a $13.3 billion jump in his fortunes in 2024 so far, the highest by any individual, as per the Bloomberg index. Against this, Mukesh Ambani's wealth has jumped a modest $665 million in few sessions in to the year.
The owner of ports-to-power conglomerate Adani group, Adani was once the third richest in the world, with his fortunes touching a high of about $149 billion mark in the middle of September 2022. But a scathing report by Hindenburg Research in January 2023, which predicted 85 per cent slide for Adani group stocks citing sky-high valuations, eroded $150 billion off Adani group market capitalisation, and Adani's personal wealth plunged to a low of $37.7 billion on February 27, 2023, as per Bloomberg. He was the world's fourth richest, a day before the emergence of Hindenburg report .
The group was accused of brazen stock manipulation and accounting fraud, the allegations that Adani group denied. The SC later asked Sebi to probe on the allegations in March 2022. Later a few other unverified reports emerged in the favour of Hindenburg's findings, including one by OCCRP. Sebi later reportedly approached OCCRP to get details, but was declined.
In its verdict on a batch of petitions related to the Adani-Hindenburg case, the apex court rejected the reliance on OCCPR report and any third party organisation, saying such reports without any verification cannot be relied upon as a proof. The SC said the market regulator has completed its probe into 22 out of 24 allegations and that it directed Sebi to complete the remaining two cases within three months.
"The Supreme Court judgment on Adani Hindenburg sets a precedent, guiding retail investors to make informed decisions amid speculation. It's a powerful message against those exploiting rumors, signaling a new era of cautious investment decisions," said Makarand M Joshi, Founder MMJC & Associates, a Corporate Compliance firm.
A few Adani group stocks were trading higher on Friday morning, with shares of Adani group flagship Adani Enterprises Ltd rising 1.27 per cent to Rs 3,036.80. Adani Ports, another group stock was up 2.51 per cent at Rs 1,151.60. ACC was up 1.08 per cent at Rs 2,382.80. Ambuja Cements also added 1 per cent to Rs 555. Adani Power Ltd was flat at Rs 555.45.
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