Gautam Adani adds $10 bn in net worth in 7 days; jumps 4 places in rich list
Gautam Adani added $10 billion to his net worth in the past week and is the 16th richest individual globally, Bloomberg reported. The Adani Group chairman now has a $70.3 billion fortune according to the Bloomberg Billionaires Index.
On Tuesday, the Adani Group shares jumped to 20 per cent after a report by US International Development Finance Corporation (DFC) which found that Hindenburg Research’s allegations of corporate fraud against the conglomerate were not relevant.
The DFC had examined the allegations against the Adani Group before extending a loan for the Indian conglomerate’s port project in Sri Lanka, according to reports.
All the 10 firms extended their gains for the second straight session this week and breached the total market capitalisation mark of ₹13 lakh crore.
On the BSE, shares of Adani Green Energy zoomed 20 per cent to ₹1,348 apiece, Adani Energy Solutions surged 16.38 per cent to ₹1,050, Adani Total Gas rallied 15.81 per cent to ₹847.90, while flagship firm Adani Enterprises bounced 10.90 per cent to ₹2,805 per share.
On November 24, the Supreme Court had reserved its judgment on a bundle of petitions seeking probe into allegations of accounting fraud and stock manipulation against the Adani Group companies, raised in a research report by US short-seller Hindenburg Research.
The top court had observed that it will not be proper for it to appoint a special investigation team (SIT) to look into alleged violations of minimum public shareholding (MPS) norms by Adani group companies without there being evidence of lapses on part of the Securities and Exchange Board of India (Sebi).
“Where is the material before us to start doubting Sebi? Sebi is a statutory body exclusively entrusted with investigating stock market manipulation. Is it proper for the highest court of the land to say without any proper material that ‘we don’t trust Sebi, and we will form our own SIT’? This has to be done with a great deal of calibration,” a top court bench headed by Chief Justice DY Chandrachud had told advocate Prashant Bhushan, who was appearing on behalf of the petitioners.