Rally In Adani Shares Makes Gautam Adani India's Richest Person, Mukesh Ambani No.2

Gautam Adani has assumed the throne of India's richest person in the Bloomberg Billionaires Index, thanks to the recent rally in Adani group stocks that followed the Supreme Court judgment in the Adani-Hindenburg row. The great show by Adani shares following the SC judgment has added immensely to the total wealth of Gautam Adani.

With this surge in net wealth, Gautam Adani has left behind Reliance Industries chairman Mukesh Ambani, who has shifted to India's second richest person after Adani occupied the throne of the richest person in India. As of January 5, 2024, according to the Bloomberg Billionaires Index Gautam Adani is the world's 12th richest person with a total net worth of $97.6 Billion, while Mukesh Ambani occupies the 13th spot in the world's richest list with a total net worth of $97.0 Billion. On year-to-date (YTD) Gautam Adani's wealth has increased by $13.3 Billion. Mukesh Ambani's wealth has increased by $ 665 Million on YTD.

So far, the year 2024 has proved to be a good one for Gautam Adani and shares of Gautam Adani companies. It is worth mentioning that it was in January last year that the US Short Seller Hindenburg Research leveled allegations of corporate malpractice against the Indian conglomerate. Though, the group denied the charges and called them baseless the Hindenburg report negatively impacted the performance of Adani group stocks for a considerable time.

However, the January 3, Supreme Court judgment has come as a big relief to the embattled Adani Group as it seems to have reimposed investors' faith in Adani Group firms if one looks at the recent rally in shares of Adani Group companies since the beginning of January 2024.

Following the court order, shares of the ten listed Adani group companies witnessed a rally adding approximately $7.67 billion to Adani's wealth on just Thursday. Adani group stocks traded mixed today. On Friday, the share price of Adani Enterprises was up 1.10% at Rs 3031.55 per share at 11 am IST.

Adani Total Gas shares were spotted trading 2% lower at Rs 1093.40 per share at 11:1 am IST. Shares of Adani Ports and Special Economic Zone Limited were up 1.94% at Rs 1145.15 per share at 11:03 am IST, and the share price of Adani Power was up 0.38% at Rs 558 per share at 11:03 am IST. Adani Total Gas shares touched Upper Circuit Rs. 1100.65 on Wednesday.

The Supreme Court on Wednesday refused to order an SIT probe into allegations leveled by the US Short-seller Hindenburg Research against the Gautam Adani-led Indian conglomerate. While announcing its verdict on a batch of petitions seeking examination of allegations of fraud made against Adani group firms in the Hindenburg Research report the apex court dismissed reliance on a third-party report and affirmed faith in SEBI's handling of the case. The SC said that there are no valid grounds to direct the regulator to regulate its amendments made in the exercise of delegated legislative powers.