Thanks to India’s stock market boom, Gautam Adani now 15th richest in the world


Adani Group Chairman Gautam Adani is now the 15th richest person in the world after adding more than $12 billion in a massive rally in Adani Group stocks. Adani was back in the list of top 20 richest people in the world in November as per the Bloomberg Billionaires Index with a net worth of $82.5 billion. Adani’s wealth jumped by more than $12 billion following the rally in Adani Group stocks on Tuesday.

Adani Group market cap hit an 11-month high, reaching ₹13.8 lakh crore in in Tuesday’s trade. The Adani conglomerate clinched its best-ever single-day market performance adding ₹1.92 lakh crore in a single-day gain.

Reliance Group chairman Mukesh Ambani is ranked 13 in the list with a net worth of $91.4 billion. Shapoor Mistry (41st, $32.8 billion) and Shiv Nadar (45th, $30.7 billion) are the other two Indians in the top 50.

Tuesday’s strong gains also come on the heels of reports indicating that the US International Development Finance Corp (DFC) did not find the allegations of corporate fraud by short-seller Hindenburg Research relevant. Before extending a significant loan to the conglomerate for a port project in Sri Lanka, the DFC reportedly conducted a thorough examination of the claims against the Adani Group.

All 10 stocks in the Adani group clocked gains ranging from 7-20 per cent with Adani Green Energy and Adani Energy Solutions hitting gains of 20 per cent. The group’s flagship company Adani Enterprises Ltd (AEL) saw a 16.91 per cent rise, increasing its market valuation by a substantial ₹48,809 crore.

Adani Ports and Special Economic Zone (APSEZ) also performed solidly with a 15.3 per cent gain in share price, contributing ₹29,043 crore to the market cap rise.

Other group stocks also gained with Adani Energy Solutions and Adani Green Energy Solutions clocking gains of 20 per cent each. Both stocks added over ₹55,600 crore to the group’s market cap. Adani Power Ltd (APL) and Adani Total Gas Limited (ATGL) registered gains of 15.81 per cent and 19.88 per cent, respectively.

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