Gautam Adani's Net Worth Increases To $70.2 billion As his His Company shares Perform Well
Adani Group Company seems to be recovering from the Hindenburg-induced crisis as the company shares are regaining valuation. The group”s flagship company, Adani Enterprises,” shares witnessed a surge of 6.22 percent to reach Rs 2,688.75 on Tuesday”s early trade, while Adani Ports and Special Economic Zone registered a significant gain of 6.53 percent to reach Rs 936. These two shares remained as the top gainers on the Nifty 50.
Other stocks in the group gained significantly as well, with Adani Power up 4.11 percent and Adani Green Energy up 7.3 percent. These stocks are trading at a price level of Rs 483.80, Rs 932.05 respectively.
In addition, the shares of affiliated companies such as NDTV, ACC, and Ambuja Cements also witnessed growth of 2.7–5.2 percent. The price increase of shares resulted in an enhanced valuation, which exceeded Rs. 12 lakh crores. With this, the group”s billionaire owner, Gautam Adani”s net worth surged to $70.2 billion, making him the 16th biggest billionaire in the Bloomberg Billionaire”s Index.
The group”s total valuation increased by $4 billion in a day. The main trigger behind the surge is the Supreme Court”s remarks on the Hindenburg issue. The Supreme Court clarified that they won”t take media reports into consideration while considering the case. The market gauged the observation as a positive sign facilitating an exit for Adani Group from the precarious case.
Moreover, Adani Green Energy earned follow-on funding of $1.36 billion via a green loan from an international bank consortium that would help the company expand its renewable power capacity. However, Gautam Adani”s net worth has been dragged down to over $50 billion this year by U.S. short seller Hindenburg, which accused Adani of conducting stock manipulation and accounting irregularities.
