Gautam Adani's Net Worth Soars By $11.2 Billion As Group Stocks Rebound
Adani became the world's 11th richest person on Friday, surpassing Mukesh Ambani.
Billionaire Gautam Adani's net worth swelled by $11.2 billion to $122.3 billion as group stocks rallied to pre-Hindenburg levels, according to Bloomberg data.
On Friday, the Bloomberg Billionaire Index reported that Adani's net worth stood at $111.1 billion. This ranking positioned Adani as the richest individual in India and Asia, surpassing Mukesh Ambani. Adani also became the world's 11th richest person, according to the same index.
That comes as Adani Group, on Monday, regained its total market capitalisation that existed before allegations made by US-based short seller, Hindenburg Research, became a trigger in January last year. The market capitalisation of 10 listed group companies increased by almost Rs 2.16 lakh crore to go past Rs 19.7 lakh crore.
On Sunday, the ports-to-power conglomerate said that the number of shareholders in Adani's portfolio had significantly increased, reaching 6.7 million. This is approximately six times the number of shareholders in the financial year-ended March 2019, which was 1.1 million.
Moreover, Adani's equity programme has attracted about $10.8 billion in investments from long-term investors.
The challenges the group overcame last year have strengthened its resolve, and they draw inspiration from the very resilience that India embodies, Adani said in an annual report last week. A two-pronged attack by Hindenburg Research targeted the group on the financial and political fronts, which led to a multi-dimensional crisis, the group chairman said.
The road ahead is paved with extraordinary possibilities, and the Adani Group is stronger today than it has ever been, he said.
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