NEW DELHI– Adani Group Chairman Gautam Adani has seen his wealth soar by $13 billion in just two days, propelled by a sharp rally in the conglomerate’s stocks.
The Bloomberg Billionaires Index now values Adani’s fortune at $95.7 billion, narrowing the gap with Reliance Industries Chairman Mukesh Ambani, whose net worth has slipped to $98.6 billion.
So far this year, Adani’s wealth has risen by $17.1 billion, more than double the $8.02 billion increase in Ambani’s fortune.
The rally in Adani Group shares comes on the heels of a clean chit from India’s market regulator, the Securities and Exchange Board of India (SEBI), which dismissed allegations of fund routing and related-party transactions in the wake of the Hindenburg Research short-selling report. SEBI’s final order confirmed that the group had not violated regulations.
Investor confidence has surged in response. In the past three trading sessions, Adani Power has jumped nearly 30 percent, Adani Total Gas 18 percent, Adani Green Energy 15 percent, and Adani Energy Solutions over 10 percent. Adani Enterprises has gained more than 11 percent, while Adani Ports is up nearly 3 percent.
In a letter to employees following the regulator’s decision, Adani said the group must focus on innovation and building infrastructure that will endure beyond the current market rally.
“We must build not for today’s applause but for a legacy that endures for decades. Headlines fade, but what we create must leave its mark on history,” Adani wrote. “Today, a cloud that had hung over us for more than two years has been lifted. SEBI’s comprehensive investigation has concluded by rejecting all allegations contained in the Hindenburg report from January 2023.”
Globally, Tesla chief Elon Musk remains the world’s wealthiest individual with a net worth of $452 billion, followed by Oracle’s Larry Ellison ($388 billion), Meta’s Mark Zuckerberg ($269 billion), Amazon founder Jeff Bezos ($250 billion), and Google co-founder Larry Page ($221 billion).
Among Indian billionaires, Ambani ranks 18th worldwide and Adani 19th. (Source: IANS)
