Businessman Gautam Adani from India is currently the 16th richest person in the world. In less than a week, his position in the Bloomberg Billionaires Index increased by three spots as a result of a spectacular 30% gain in just two sessions, which increased his wealth by approximately $4.41 billion.
His current net worth is $70.2 billion. In January, before the Hindenburg debacle, the businessman from Ahmedabad saw a $50.3 billion decline in his overall net worth.
After Mukesh Ambani, who is ranked 13th on the list with an estimated net worth of $90.4 billion, Adani is the second-richest Indian. In 2023, his net worth increased by more than $3.33 billion.
After the Bharatiya Janata Party (BJP) won important state elections in Madhya Pradesh, Rajasthan, and Chhattisgarh, the Adani group's stocks have been rising. On Tuesday, the overall market capitalization of the equities owned by the Adani Group crossed the Rs 12 lakh crore threshold.
The group's shares have now crossed the Rs 12 lakh crore threshold for the first time since they plummeted earlier this year as a result of a report by American short-seller Hindenburg Research, which claimed the conglomerate had engaged in financial misconduct and stock manipulation.
Within a month of the release of the Hindenburg evaluation, Adani's ranking fell below 25. He had risen to the position of third richest man in the World at the beginning of the year.
Following the top court's observation last week that it had no basis to "discredit" market regulator Securities and Exchange Board of India's (Sebi) investigation into the group, Adani stocks began to rise. Following the conclusion of the hearing on Friday, the Supreme Court has postponed deciding on several petitions about the Adani-Hindenburg dispute.
Chief Justice D Y Chandrachud led a bench that also questioned Sebi about what steps it would take going forward to protect investors' wealth from stock market volatility and short selling. The top court noted that it would not be appropriate for Sebi to form a special investigation team (SIT) on its own without any material being presented to it.
In addition to Adani and Ambani, the 20 other Indians that make up the world's richest club are Shapoor Mistry, Radhakishan Damani, Azim Premji, Savitri Jindal, and others.
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