Adani’s fortune swells by $13 billion as SEBI clears key charges, closing in on Ambani
Mumbai: Gautam Adani’s net worth has surged by $13 billion over the past two trading sessions after India’s markets regulator dismissed parts of a long-running case against his conglomerate, fuelling investor optimism more than two years after US short-seller Hindenburg Research levelled damaging allegations.
Net worth rises to $95.7 billion
Shares of Adani Group companies rallied on Friday and Monday, propelling the 63-year-old billionaire’s wealth to $95.7 billion, according to the Bloomberg Billionaires Index.
The two-day jump included an $8.3 billion rise on Monday alone. Adani’s year-to-date gains now stand at 21.6%, bringing him within reach of Mukesh Ambani, Asia’s richest man, whose fortune is valued at $98.6 billion.
SEBI orders restore investor confidence
The rally gathered pace after the Securities and Exchange Board of India (Sebi) issued two regulatory orders late Thursday, concluding that there was no evidence the Adani Group had channelled funds into its listed units through related party transactions.
The finding marked a significant relief for the conglomerate, which has been battling reputational and market damage since the Hindenburg report in early 2023.
Options market euphoria
The renewed optimism spilled into the derivatives segment as well. Bullish bets on Adani Green Energy Ltd. reached record highs, while flagship Adani Enterprises Ltd. recorded its strongest options activity in nearly two years.
Traders said the orders have removed a key overhang, leading to a rush of upbeat wagers on the group’s stocks.
Ambani-Adani gap narrows
With the latest surge, Adani has significantly closed the wealth gap with Ambani, chairman of Reliance Industries.
The two tycoons now stand less than $3 billion apart, setting up a fresh contest for the title of Asia’s richest person.
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