Indian billionaire Gautam Adani has paved his way back into the top 20 richest people in the world riding on a back-to-back rally that has seen the combined market cap of Adani Group-owned companies go up by 1.33 lakh crore.
Adani is now at the 19th spot in the Bloomberg Billionaires Index. His total net worth has seen a $6.5 billion uptick as last reported by Bloomberg. The Ahmedabad-based businessman’s total net worth is still down by $53.8 billion on the year-to-date basis.
Adani Group has been in news with all 10 stocks witnessing a strong rally following the Indian Supreme Court’s observations on market regulator Securities and Exchange Board of India’s (Sebi) probe against the group, which has enthused investors’ interests in the stocks.
The combined market capitalisation of all Adani stocks has risen by over Rs 33,000 crore on Wednesday to Rs 11.6 lakh crore.
Adani is the second richest Indian in the list and behind Mukesh Ambani who has an estimated total net worth of $89.5 billion. His net worth has grown by over $2.34 billion in 2023.
His ranking slipped below the 25-mark as a fall out of the Hindenburg research report in January within a month of the report getting published. He had started the year becoming the third richest man on this planet.
On Friday, the apex court observed that it had no reason to “discredit” market regulator Securities and Exchange Board of India’s (Sebi) probe against the group.
The apex court had reserved its order on a batch of petitions concerning the Adani-Hindenburg row after the conclusion of the hearing on Friday.
The top court had said that there was no material before it to doubt what the market regulator has done and the court does not have to treat what was set out in the Hindenburg report as a “true state of affairs”. The SC bench also said that it cannot ask a statutory regulator to take as a “gospel truth” something which was published in the media.
A bench headed by Chief Justice D Y Chandrachud also asked Sebi what it intends to do in future to ensure investors don’t lose wealth due to volatility in stock market or short-selling, the apex court observed it would not be proper for it to set up a special investigation team (SIT) on its own without any material before it.
The Bloomberg Billionaire Index captures the total net worth of 500 richest people in the world. The first three slots are occupied by Elon Musk ($228 billion), Jeff Bezos ($177 billion) and Bernard Arnault ($167B).
Apart from Adani and Ambani, 20 other Indian features in the list viz. Shapoor Mistry, Shiv Nadar, Savitri Jindal, Azim Premji, Radhakishan Damani and Uday Kotak among others.
(You can now subscribe to our ETMarkets WhatsApp channel)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
