In the Bloomberg Billionaire Index, Adani Group chairman Gautam Adani has surpassed Reliance Industries chairman and managing director Mukesh Ambani to become the richest Indian. Ambani, who is currently ranked 13th, has been surpassed by Adani, who is now ranked 12th. Ambani’s net worth is $97.0 billion, whereas Adani’s is currently $97.6 billion. On the list, both billionaires are now higher up.
To say that 2023 caught Gautam Adani and his conglomerate off guard would be an understatement. Since the year began, Adani’s business has been charged with corporate wrongdoing; the opposition has claimed that the center has favored him over others; the Supreme Court has intervened; and his investors have suffered financial losses. A significant relief to the business house came earlier on Wednesday when the Supreme Court declined to order an investigation team (SIT) regarding US short-seller Hindenburg Research’s claim of fraud, misgovernance, and stock price manipulation.
It is stated that a thorough investigation that “inspires confidence” was being carried out by the Securities and Exchange Board of India (Sebi). Within three months, the regulator was ordered to finish the probe. Sebi’s investigation on 22 out of 24 items mandated by the Supreme Court is currently complete. The top court additionally ordered the Center and Sebi to take more steps to fortify the regulated market and to positively evaluate recommendations made by the six-member expert team, which was led by retired Supreme Court Judge AM Spare.
Gautam Adani is presently the 12th richest person in the world with a net worth of $97.6 billion, which is just slightly more than Mukesh Ambani’s $97 billion, according to the Bloomberg Billionaire Index. The event occurs one day after the Adani Group’s stock saw a significant increase that increased Gautam Adani’s net worth by $7.67 billion. Among the top 100 billionaires worldwide, Gautam Adani’s wealth has increased by the greatest, $13,3 billion, year-to-date (YTD). Nearly a year ago, a critical study by a US-enterprise company caused him to lose his ranking as the richest man in India to the head of RIL.
Adani’s net worth fell below $40 billion at one point last year as the group’s total market capitalization fell by $150 billion. Nonetheless, the Adani Group witnessed a robust rebound in the market value of its listed business in the months that followed, bolstered by a number of group initiatives, such as debt reduction. Additionally, it got sizable financing from US boutique investment firm GQG Partner. Additionally, positive rulings in the ongoing Supreme Court case Adani-Hindenburg have increased investor trust in the conglomerate and resulted in a significant increase in the shares of listed firms.
