In a dramatic turn of events, Gautam Adani, Chairman of the Adani Group, has once again secured the position of the richest Indian and Asia’s wealthiest person. This remarkable feat follows a Supreme Court ruling favoring Adani amid the Adani-Hindenburg saga.
Whirlwind of Wealth Fluctuations
Adani’s financial journey has been nothing short of a rollercoaster, experiencing a significant setback in January 2023 when Hindenburg Research released a damaging report on the Adani Group. This led to a staggering 34 percent drop in Adani’s net worth.
Surpassing Mukesh Ambani in Bloomberg Rankings
Notably, Gautam Adani has surpassed Mukesh Ambani, the Chairman of Reliance Industries, to claim the top spot in both India and Asia on the Bloomberg Index. Adani currently holds the 12th position on the Bloomberg Global Billionaires Index, with Ambani trailing closely at the 13th spot.
Adani’s Meteoric Rise in Net Worth
As of January 5, Gautam Adani boasts a total net worth of $97.6 billion, securing his status as the wealthiest individual in Asia. This marks a significant turnaround, with Adani surpassing Ambani by a narrow margin, who holds a net worth of $97 billion.
Adani’s Resurgence as the Wealth Gainer of the Year
In a surprising twist, Adani has emerged as one of the most substantial wealth gainers in India this fiscal year, outpacing even the previous top earner, Savitri Jindal of Jindal Steel. Adani’s wealth rebounded spectacularly, experiencing the most substantial increase in net worth across India in 2023.
Supreme Court Verdict on Adani-Hindenburg Saga
The Supreme Court of India delivered a crucial verdict on the Adani-Hindenburg saga in January 2023. Hindenburg Research had accused the Adani Group and Gautam Adani of corporate and financial fraud, causing a massive market value loss of over $150 billion.
The apex court’s decision to dismiss the need for a Special Investigation Team (SIT) probe and instruct the markets regulator to conclude its investigation within three months provided a decisive resolution to the year-long short-seller controversy. The court emphasized its limited power to intervene in SEBI’s investigations and acknowledged the losses incurred by investors due to the Hindenburg report.
Gautam Adani’s net worth witnessed a remarkable surge, growing by $7.7 billion in just one day and an overall increase of $13.3 billion, making him the most significant net worth gainer globally. Mukesh Ambani holds the second spot, adding $10 billion to his net worth during the same period.
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