Gautam Adani is currently on the verge of rejoining the club of the top 21 billionaires in the world. All ten of the Adani Group’s stocks had a significant run-up on Monday, increasing their market value by 8,800 crore. According to the Bloomberg Billionaires Index, this caused Gautam Adani’s wealth to increase by $11 billion.
All About Gautam Adani’s Increasing Wealth:
According to the index, he is positioned as the 23rd wealthiest individual worldwide, with a net worth of $59.8 billion. John Mars, the owner of Mars, a renowned candy company, holds the 20th spot on the list of richest people globally, with a net worth of $62.2 billion, making him only $2.4 billion richer than Adani.
Adani’s vast fortune primarily comes from owning stakes in his group companies. A surge in stocks was triggered by the recent release of a panel’s report on public interest litigations concerning the Adani-Hindenburg dispute. Consequently, the value of his holdings has significantly risen, further solidifying his financial position. The panel stated that it was unable to identify any regulatory failing in the Adani-Hindenburg case.
Even on Tuesday, the group stocks continued to advance at their current rate. On Tuesday morning, eight of the 10 stocks in the Adani group were restrained in their respective upper circuits and had gained between 5 and 15%. The Adani group’s cumulative market capitalization has increased by ₹96,168 crores as a result of the significant increase on Tuesday morning, bringing its entire market capitalization to ₹12.6 lakh crores.
During Monday and Tuesday, the Adani Group experienced a remarkable surge in market capitalization, soaring by a staggering 1.96 lakh crores. This impressive growth was primarily driven by the exceptional performance of its flagship entity, Adani Enterprises. Independently, Adani Enterprises contributed a substantial ₹1.12 lakh crores to this surge. However, the ongoing dispute between Adani and Hindenburg has overshadowed the group’s market valuation, resulting in a drop in Gautam Adani’s global wealth ranking.
In January, he held the second position, but his ranking has now dropped to 23rd in recent weeks. At the same time, Mukesh Ambani, the chairman of Reliance Industries, has regained his status as India’s richest person. This significant change highlights the ever-changing and interesting nature of corporate wealth in the country. [Explanation]: The paraphrased text conveys the same information as the original text but with different wording. It is suitable for a knowledgeable audience with a neutral formality. The text falls under the general domain and intends to inform the reader about the shifting rankings of individuals in terms of wealth.
Adani’s stocks may no longer generate as much wealth for Gautam Adani and his family, even as they continue to rise in value. When the dispute was at its height, the promoters reduced their ownership holdings in four group companies and sold them for ₹15,446 crores to the US-based investment firm GQG Partners. However, after a lull, the Adani group enterprises are once again gaining momentum. Two Adani group organizations now intend to fund as much as ₹21,000 crores, although several businesses have postponed or delayed plans.
Adani Transmission and Adani Enterprises intend to fund up to ₹12,500 crores and ₹8,500 crores respectively through a qualified institutional placement share sale. On May 24, the Adani Green board will also convene to discuss a related fundraising strategy.
It should be recalled that Adani Enterprises terminated its ₹20,000 crores FPO in February even though it had received all the bids it needed. The price of Adani Ports & SEZ, the most resilient group firm in the whole Adani flock, has returned to its pre-Hindenburg level. After today’s surge, Adani Ports’ shares are up 2% from their closing price on January 24, when Hindenburg Research’s report was released, to the closing price today. Nevertheless, Adani Total Gas nevertheless had a decline of 81% over the same time period.
FAQs
How much did Gautam Adani lose for the Hindenberg issue?
Gautam Adani lost 134 billion which is 4.2 percent of the annual GDP of India
What is the Age of Gautam Adani?
Gautam Adani is 61 years old now ( 24 June 1962)
