Gautam Adani’s net worth reached $55 billion on Tuesday, as per Forbes. Adani is now in 24th position on the list of wealthiest people in the world. In September last year, Adani became the 2nd richest man in the world for a brief time, overtaking Amazon’s Jeff Bezos.
Last week, the apex court released the report submitted by the panel, which did not find any regulatory lapses with respect to the price manipulation in Adani group stocks, as was alleged by Hindenburg in late January.
The American short-seller raised concerns over the conglomerate's high debt and expensive valuations, and also alleged accounting and corporate governance practices by calling it the biggest con in the corporate history.
The apex court has given two more months to market regulator Securities and Exchange Board of India (SEBI) for investigating the matter, but the initial findings in the report came as big relief for Dalal Street investors, and reflected in the share prices.
The second booster shot for Adani stocks came from their recent investor GQG Partners. The investment firm owned by NRI investor Rajiv Jain has raised its stake in Adani Group by about 10%.
This comes over a month after the firm made a brave contra call by investing over Rs 15,000 crore in Adani stocks at the peak of the Hindenburg-led rout.Shares of Adani Enterprises topped the gainers’ list in the pack, with more than 13% gains to Rs 2,633.70. Infact, from its 52-week low hit after the Hindenburg report, shares of the Adani Group’s flagship company have risen a whopping 159%.
Shares of Adani Ports and Special Economic Zone became the first in the group to inch back towards levels seen prior to the Hindenburg report. The stock hit the day's high at Rs 785.95 in trade today.
Similar to Adani Enterprises, most other group stocks have recouped a majority of the losses and look set to move back to pre-Hindenburg report levels.
Adani Ports, Adani Transmission, Adani Wilmar, Ambuja Cements, and Adani Green Energy have recovered 38-125% from their 52-week lows.
If stars continue to shine over Adani, soon he will find himself entering the top 20 billionaire list again!
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Hindenburg effect fading away? Gautam Adani richer by $8.5 billion in just 1 day! - Economic Times
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