Gautam Adani, aged 61, has experienced a remarkable surge of $13.3 billion in his fortunes in 2024, the most substantial increase by any individual, according to the Bloomberg index. In contrast, Mukesh Ambani’s wealth has seen a more modest rise of $665 million in the initial sessions of the year.
Billionaire Gautam Adani has surged ahead of Mukesh Ambani to claim the title of the richest Indian and the 12th most valued individual globally, according to the latest update on the Bloomberg Billionaire Index. Following a $7.67 billion increase in his fortunes in a single day, triggered by the Supreme Court’s verdict on the Hindenburg Research case, Adani’s net worth now stands at $97.6 billion, surpassing Mukesh Ambani’s $97 billion. Adani is now setting his sights on the $100 billion milestone as the stocks of his group continue to experience positive momentum on domestic stock exchanges.
In 2024, Gautam Adani, aged 61, has witnessed a substantial $13.3 billion surge in his fortunes, marking the highest among individuals, according to the Bloomberg index. In contrast, Mukesh Ambani has seen a more modest increase of $665 million in the early sessions of the year.
The owner of the diversified Adani group, Adani, was formerly the world’s third-richest person, reaching a peak net worth of approximately $149 billion in mid-September 2022. However, following a scathing report by Hindenburg Research in January 2023, predicting an 85% decline in Adani group stocks due to inflated valuations, Adani’s personal wealth plummeted. The market capitalization of Adani group witnessed a staggering loss of $150 billion, and Adani’s personal wealth hit a low of $37.7 billion on February 27, 2023, according to Bloomberg. He was ranked as the world’s fourth-richest individual a day before the release of the Hindenburg report.
The Hindenburg report accused the group of stock manipulation and accounting fraud, allegations that the Adani group vehemently denied. Subsequently, the Supreme Court directed the Securities and Exchange Board of India (SEBI) to investigate these allegations in March 2022. Despite unverified reports supporting Hindenburg’s findings, including one by OCCRP, SEBI faced challenges obtaining details from OCCRP.
In its verdict on the Adani-Hindenburg case, the Supreme Court rejected reliance on the OCCRP report and any third-party organizations, stating that such reports, without verification, cannot be considered as proof. The court announced that SEBI had completed its investigation into 22 out of 24 allegations, directing the regulator to conclude the remaining two cases within three months.
The Supreme Court’s judgment is viewed as a precedent, guiding retail investors to make informed decisions amid speculation and sending a powerful message against those exploiting rumors. According to Makarand M Joshi, Founder of MMJC & Associates, a Corporate Compliance firm, it signifies a new era of cautious investment decisions.
On Friday morning, several Adani group stocks experienced positive movements. Adani Enterprises Ltd, the flagship company, saw a 1.27% increase to Rs 3,036.80, while Adani Ports, another group stock, rose by 2.51% to Rs 1,151.60. ACC and Ambuja Cements also exhibited gains of 1.08% (Rs 2,382.80) and 1% (Rs 555), respectively. Adani Power Ltd remained stable at Rs 555.45.