Gautam Adani, the billionaire chairman of the Adani Group, has re-entered the top 20 list of the world's billionaires. Adani, who now holds the 18th position in the Bloomberg Billionaires' Index, has a net worth of $64.2 billion. His net worth increased by $4.38 billion as a result of an increase in Adani Group stock earlier in the day.
The stock of the Adani Group increased on Tuesday after its most recent investor, GQG Partners, increased its holdings by about 10%. In March of this year, GQG Partners acquired a share in Adani Enterprises, Adani Ports, Adani Green Energy, and Adani Transmission for a total of Rs 15,446.35 crore. In Tuesday's intraday session, this investment's value increased by 65% to Rs 25,515.50.
In an interview with Bloomberg, Rajiv Jain, the owner of GQG Partners, referred to Adani Group stock as "the best infrastructure assets available in India."
After the Justice AM Sapre committee report made the suggestion that it was not possible to draw the conclusion that there had been a regulatory failure with regard to Hindenburg's price manipulation claims, the market capitalization of Adani Group also surpassed the Rs 10 lakh crore mark earlier this week.
Adani Group's market capitalization increased from Rs 9,34,485 crore on Friday's closing to Rs 10,03,861 crore in Monday's activity. This is still 48% below the Group's M-cap of Rs. 19.20 lakh crore on January 24, the day the Hindenburg report was released.
Hindenburg Research, a short seller located in the US, charged Adani Group with engaging in stock manipulation and accounting fraud at its companies. Following the publication of this report, the group withdrew its follow-on public offer (FPO) for Rs 20,000 crore and took action to allay debt-related worries.
Adani has made a significant improvement, although he is still behind Mukesh Ambani, head of Reliance Industries (RIL). With an estimated net worth of $84.1 billion, Mukesh Ambani is still the wealthiest person in Asia and now holds the 13th position on the Bloomberg Billionaires Index.