After a surge in the shares of his company following the Supreme Court hearing on the Hindenburg report case, billionaire Gautam Adani’s net worth jumped by $5.6 billion.
Billionaire Gautam Adani‘s net worth increased by $5.6 billion last week as a result of his firm’s stock rising after the Supreme Court heard a case pertaining to the Hindenburg report, according to a Bloomberg article.
The rich Adani Group was accused by a US-based short seller of widespread corporate wrongdoing in a report published on January 24th, which caused the business tycoons’ wealth to decline early in the year.
On a number of petitions, however, the top court postponed making a decision last month in order to look into claims of fraud against the Adani company. In its decision, the Supreme Court stated that it would not accept damning media stories about the corporation as the “gospel truth.” The ultimate decision is anticipated.
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Following the Court’s ruling, the industrialist, whose net worth is $65.8 billion, is ranked 20th on the Bloomberg Billionaires Index.
Furthermore, the market value of Adani Group equities increased by almost $9.8 billion on Monday. As market participants celebrated Prime Minister Narendra Modi’s party’s victory in three state elections, the stock market saw a rise that contributed to the Nifty 50 and Sensex reaching all-time highs.
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The Sensex was up more than 1,000 points, or 1.5%, at 68,525 on Monday at 9.30 am, while the Nifty was up more than 300 points, or 1.5%, at 20,600. Adani Enterprises, the company’s flagship, saw a 7.8% increase in shares, while Adani Green Energy saw an 8.43% increase. Adani Total Gas’s stock saw a 4.56% increase. Monday at 1:20 p.m. saw a 5.35% increase in Adani Power shares, a 2.59% increase in Adani Wilmar shares, and a 6.10% increase in Adani Ports shares.
The Nifty 50 reaches a record high as the share price of Adani Enterprises and other group stocks soars by 15%.
The stocks of companies owned by Adani saw a more than ₹15,000 increase last month following the order from the SC. According to stock exchange data, nine out of the ten listed group companies had positive results at the conclusion, adding ₹14,786 crore to the group market capitalization.
Adani Group will make a decision in three months about the sale of its Wilmar joint venture stake.
The ten Adani Group companies’ combined market capitalization was around ₹10.26 lakh crore following the court hearing.
The largest fortune loss of any tycoon this year has been Gautam Adani’s $55 billion. Gautam Adani is a first-generation entrepreneur who began his career as a diamond trader in Mumbai in the 1980s and briefly held the title of second richest person in 2022.