The creator of the Adani group, Gautam Adani, saw his wealth soar to a staggering $12.3 billion in a single day due to the phenomenal run in the Adani group's stocks, bringing him one step closer to Mukesh Ambani in the competition to become the richest Indian. According to the information available Bloomberg Billionaire index, the Gujarat-based industrialist, worth $82.50 billion, entered the top 15 list of billionaires at the previous count. He was $8.9 billion behind India's richest person, Mukesh Ambani, who is worth $91.4 billion.
Given that the group stocks gained up to 19%, extending their three-day winning run to 59%, his wealth may have increased even more.
The Adani group's net worth reached Rs 15 lakh crore on Wednesday for the first time since the $150 billion sell-off of Adani group shares was precipitated by Hindenburg Research's critical analysis in January of this year. After considering several arguments, the Supreme Court has postponed making a decision in the Adani-Hindenburg issue, stating that the Hindenburg Research report should not be interpreted as truth. It implied that by depending just on a few media stories, the top count could not reasonably question Sebi's investigation into the case.
Adani stocks increased further after a Bloomberg report claimed a US agency has determined the charges against the Gautam Adani-led company in the Hindenburg case were baseless. Head of Research at Ventura Securities Vinit Bolinjkar told Business Today TV that the Adani company would receive a large influx of bond money after receiving a "clean chit" from the US, thereby relieving liquidity pressure. "The group will be able to get long-term funding at lower rates given its focus on the infrastructure sector," he stated.