Gautam Adani replaces Mukesh Ambani as India’s richest person

Gautam Adani. [File Photo]

Gautam Adani has regained the title of Asia’s wealthiest man shortly after the Supreme Court dismissed the need for further investigations into Hindenburg Research’s explosive allegations against his conglomerate, Bloomberg reported.

Adani’s net worth surged by $7.7 billion in a single day, reaching $97.6 billion and surpassing his Indian counterpart Mukesh Ambani, the chairman of Reliance Industries Ltd., who closely trailed with a net worth of $97 billion, as reported by the Bloomberg Billionaires Index.

This turnaround for Adani, a first-generation entrepreneur with a background in diamond trading, marks the culmination of a challenging year for his diversified conglomerate, encompassing ports to power.

Despite vehemently refuting Hindenburg’s accusations of corporate fraud, the Adani Group experienced a market value decline of over $150 billion at one point last year. The conglomerate dedicated significant efforts to regain investor trust, repay debts, and address regulatory concerns.

The recent surge in Adani Group’s stocks was prompted by the Supreme Court’s directive instructing the local markets regulator to conclude its investigation within three months, signaling the end of the year-long short-seller controversy.

This legal reprieve translated into a remarkable wealth gain of $13.3 billion for Adani, marking it as the largest wealth increase globally this year, following one of the most substantial wealth losses in 2023.

Adani, known for committing $100 billion over the next decade for a green transition across his businesses, is now swiftly expanding his conglomerate beyond its coal trading origins. The diversification includes ventures into data centers, artificial intelligence, urban development, airports, and media.

Earlier, the Hindenburg Research’s report, inter alia, alleged that the Adani Group of companies has manipulated its share prices; failed to disclose transactions with related parties and other relevant information concerning related parties in contravention of the regulations framed by SEBI; and violated other provisions of securities laws.

The report about Indian billionaire Gautam Adani had led to a stock rout, erasing over $ 100 billion from his empire and pushing him down on the global rich list.

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