Gautam Adani Reclaims Top Spot as India's Richest Man, Surpassing Mukesh Ambani

Adani Group chairman Gautam Adani reclaimed the country”s wealthiest person position, surpassing Reliance Industries Limited Chairman Mukesh Ambani, on the back of the significant rally seen in the shares of Adani Group companies.

Gautam Adani currently holds a net worth of $97.6 billion, which is marginally higher than Mukesh Ambani’s $97 billion, according to the Bloomberg Billionaires Index, which positions him as the 12th richest individual in the world.

Adani Group shares had witnessed a 12% jump after the Supreme Court denied an investigation into fraud allegations against Adani Group companies, as outlined in the Hindenburg Research report. The rise in stock prices contributed $7.67 billion to Gautam Adani’s net worth, marking a yearly gain of $13.3 billion.

Adani lost the country”s richest man position to Mukesh Ambani a year ago when US-based Hindenburg’s report alleged the Gautam Adani-led group was perpetrating “brazen accounting fraud” and “stock manipulation,” leading to a loss of over $140 billion in the market capitalization of Adani”s ports-to-power empire. The group was also compelled to cancel Adani Enterprise’s 20,000 crore offer for sale (OFS).

However, after a month, Adani Group performed a strong comeback on the back of debt-reducing measures, and the U.S.-based GQG Partners invested a whopping. Rs 39,331 crore in Adani Enterprises.