Gautam Adani, the Chairman of Adani Group, has ascended to become the 15th richest person globally, with a net worth of $82.5 billion, according to the Bloomberg Billionaires Index. Adani's wealth surged by over $12 billion following a massive rally in Adani Group stocks, which reached an 11-month high with a market cap of Rs 13.8 lakh crore in Tuesday's trade.
This remarkable performance comes after Adani re-entered the list of the top 20 richest people in the world in November, thanks to the rally in Adani Group stocks. The conglomerate's exceptional single-day market performance added Rs 1.92 lakh crore in gains, with all 10 stocks in the Adani group experiencing gains ranging from 7% to 20%. Notably, Adani Green Energy and Adani Energy Solutions recorded gains of 20%, while Adani Enterprises Ltd (AEL) saw a staggering 16.91% rise in its share price, contributing significantly to the market valuation.
The surge in Adani Group stocks was also influenced by positive developments, including the US International Development Finance Corp (DFC) reportedly finding no relevance in the allegations of corporate fraud by short-seller Hindenburg Research. The DFC conducted a thorough examination of the claims before extending a significant loan to the conglomerate for a port project in Sri Lanka. Adani's flagship company, Adani Ports and Special Economic Zone (APSEZ), also witnessed a solid performance with a 15.3% gain in share price.