Gautam Adani beats Mukesh Ambani as the richest Indian within a year of Hindenburg allegations
Mumbai: Adani Group Chairman Gautam Adani is back at the top of the list of richest Indians, surpassing Reliance Industries Chairman Mukesh Ambani, media reports said.
This comes close on the heels of the Supreme Court’s verdict on a string of petitions filed against the Adani Group after a US-based short seller Hindenburg Research accused the conglomerate of stock manipulationnearly a year ago, on January 24, 2023.
Within a month of the release of the Hindenburg report, Gautam Adani slipped from the third position among the richest in the world to 25th as his company stocks melted down and his wealth plunged from $120 billion to $50 billion, according to media reports.
According to reports, Adani has been moving closer to Ambani as the stock of the nine listed group companies took the recovery path and eventually skyrocketed.
On January 3, the Supreme Court stated that the circumstances of the case do not justify transferring the investigation to a Special Investigation Team (SIT) or any other agency.
According to a Business Insider report, Gautam Adani has gained $7.67 billion in wealth, beating Mukesh Ambani as India's richest person. As per the Bloomberg Billionaires Index, Adani's net worth currently amounts to $97.6 billion. In comparison, Ambani's net worth has seen a rise of $764 million during the same period, reaching $97 billion. Adani now holds a $600 million lead over Ambani in terms of wealth.
Adani recovered from the setback just before the one-year anniversary of the Hindenburg episode.
All credit goes to his refusal to yield under relentless criticism from various opposition parties and his astuteness in shielding his ports-to-power conglomerate from the reputational damage that could have deterred global investors.
Within a year, Gautam Adani has added over $40 billion in net worth to reach $97.6 billion. Gautam Adani has now climbed to the 12th rank and Ambani is holding the 13th position when it comes to the world’s richest men, the Business Insider report said.
Adani entered the global top 20 billionaires' list by the end of November, increasing his net worth by $6.5 billion to claim the 19th spot. In a month's time, his net worth rose from $66.7 billion to $97.6 billion, propelling him to the 12th position, according to the report.
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