Adani Group chairman Gautam Adani reclaims spot in top 20 billionaires list
Gautam Adani, the chairman of Adani Group, has made a comeback into the top 20 billionaires’ list with a net worth of $64.2 billion, placing him at the 18th spot in the Bloomberg Billionaires’ Index. This rise in Adani’s net worth is attributed to the surge in Adani Group stocks, which saw a rise earlier in the day, resulting in a $4.38 billion increase in his net worth.
GQG Partners raises stake in Adani Group
Another significant event that contributed to the rise of Adani Group’s stocks was its recent investor GQG Partners, who increased its stake in the group by around 10 per cent. In March this year, GQG Partners invested in Adani Enterprises, Adani Ports, Adani Green Energy, and Adani Transmission, worth Rs 15,446.35 crore. This investment value rose to Rs 25,515.50 in Tuesday’s intraday trade, up 65 per cent. In an interview with Bloomberg, GQG Partners owner Rajiv Jain called Adani Group stock as ‘the best infrastructure assets available in India’.
Adani Group’s market capitalisation crosses Rs 10 lakh crore mark
Adani Group’s market capitalisation crossed the Rs 10 lakh crore mark earlier this week after the Justice AM Sapre committee report suggested that there was no regulatory failure on Hindenburg’s price manipulation allegations. The group’s m-cap jumped from Rs 68,400 crore to Rs 10,03,861 crore in Monday’s trade versus Rs 9,34,485 crore on Friday’s closing. This is still 48 per cent lower than the group’s Rs 19.20 lakh crore m-cap on January 24, when the Hindenburg report came out.
Hindenburg report allegations
Hindenburg Research, a US-based short seller, accused Adani Group of indulging in stock manipulation and accounting fraud at its firms. After this report, the group withdrew its follow-on public offer (FPO) worth Rs 20,000 crore and took measures to ease debt-related concerns.
Adani vs Ambani
While Adani’s rise in net worth is impressive, he still lags behind Mukesh Ambani, the chairman of Reliance Industries (RIL), who continues to be the richest Asian and is on the 13th spot in the Bloomberg Billionaires’ Index with a net worth of $84.1 billion.
Conclusion
The rise of Adani Group’s stocks and market capitalisation is a significant achievement for the company, and with GQG Partners calling it the best infrastructure assets available in India, the future looks promising for Adani Group. However, the Hindenburg report allegations continue to loom, and the group will need to continue to work to ease concerns and regain investor confidence.
- Adani Group
- Indian Billionaires
- Adani Enterprises
- Adani Ports and SEZ
- Adani Power
News Source : Mehak Agarwal
Source Link :Gautam Adani back in top 20 on billionaires list; net worth reaches $64.2 bn /