Gautam Adani closes in on Asia’s richest title with $13 billion gain
New Delhi: Gautam Adani’s fortune has soared by $13 billion over the last two trading sessions after India’s markets regulator dismissed parts of a high-profile case against his conglomerate, boosting investor confidence more than two years after US short seller Hindenburg Research made the explosive allegations.
As Adani Group stocks rallied over the sessions last Friday and on Monday, the 63-year-old’s net worth rose to $95.7 billion — a jump of 21.6 per cent this year, according to the Bloomberg Billionaires Index.
That included an $8.3 billion increase on Monday alone. Adani is now within striking distance of the $98.6 billion wealth pile of Mukesh Ambani, Asia’s richest person.
The share rally started after the Sebi issued two regulatory orders late last Thursday saying that there was no evidence of the Adani Group using the so-called related party transactions to route funds into its listed units.
Still, the group continues to face probes. Sebi is investigating other issues raised by Hindenburg and may issue further orders against it and its chairman, and a bribery case filed by US Department of Justice last year remains.
Despite the remaining regulatory uncertainties, investors piled into Adani Group stocks, fuelling heavy trading across the group’s listed units, with several large block deals on Monday.
The euphoria also spilled into the options market as upbeat wagers on Adani Green Energy Ltd hit record highs, while flagship Adani Enterprises Limited logged its strongest bullish activity in nearly two years.
