Gautam Adani, the billionaire chairman of the Adani Group, has re-entered the top 20 list of the world’s billionaires. Adani, who currently 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 stake in Adani Enterprises, Adani Ports, Adani Green Energy, and Adani Transmission for a total of Rs 15,446.35 crore. In Tuesday’s intraday trade, this investment’s value increased by 65% to Rs 25,515.50.
GQG Partners owner Rajiv Jain called Adani Group stock as ‘the best infrastructure assets available in India’ in an interview with Bloomberg.
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 allegations, the market capitalization of Adani Group also surpassed the Rs 10 lakh crore mark earlier this week.
Adani Group’s m-cap jumped from Rs 68,400 crore to Rs 10,03,861 crore in Monday’s trade versus Rs 9,34,485 crore on Friday’s closing. This is still 48 per cent lower than the Group’s Rs 19.20 lakh crore m-cap on January 24, when the Hindenburg report came out.
The US-based short seller Hindenburg Research accused Adani Group of indulging in stock manipulation and accounting fraud at its firms. After this report, the group withdrew its follow-on public offer (FPO) worth Rs 20,000 crore and took measures to ease debt-related concerns.
Even though this is a massive jump for Adani, he still remains behind Reliance Industries (RIL) chairman Mukesh Ambani. Mukesh Ambani continues to be the richest Asian and is on the 13th spot in the Bloomberg Billionaires’ Index with a net worth of $84.1 billion.