According to the most recent Bloomberg Billionaire index update, billionaire Gautam Adani has surpassed Mukesh Ambani to become the richest Indian and the 12th most valuable person in the world. Adani's fortunes increased by $7.67 billion in a single day as a result of the Supreme Court's decision in the Hindenburg Research case, and he is now worth $97.6 billion, surpassing Mukesh's $97 billion. He is now aiming for $100 billion, as his group's equities continue to rise on domestic exchanges.

According to the Bloomberg index, Gautam Adani, 61, has witnessed a $13.3 billion increase in his riches in 2024, the most of any individual. In contrast, Mukesh Ambani's fortune has increased by $665 million in the first few months of the year.

Adani, the owner of the ports-to-power giant Adani company, was formerly the world's third richest person, with fortunes reaching a peak of almost $149 billion in the middle of September 2022. However, a damning report by Hindenburg Research in January 2023, which predicted an 85% drop in Adani group stocks due to sky-high valuations, wiped $150 billion off Adani group market capitalisation, and Adani's personal wealth plummeted to $37.7 billion on February 27, 2023, according to Bloomberg. A day before the release of the Hindenburg report, he was the world's fourth richest man.

The group was accused of blatant stock manipulation and accounting fraud, which Adani group stocks denied. The Supreme Court later directed Sebi to conduct an investigation into the allegations in March 2022. Later, a few additional unsubstantiated reports backed up Hindenburg's conclusions, including one from the OCCRP. Sebi later asked OCCRP for more information, but was turned down.

The Supreme Court rejected reliance on the OCCPR report and any third-party organization in its decision on a bundle of petitions linked to the Adani-Hindenburg issue, saying such reports without any verification cannot be relied on as proof. The Supreme Court stated that the market regulator had concluded its investigation into 22 of the 24 claims and asked Sebi to resolve the remaining two cases within three months.

"The Supreme Court's decision in the Adani Hindenburg case establishes a precedent, directing retail investors to make informed decisions amid speculation." "It's a strong message to those who take advantage of rumors, heralding a new era of cautious investment decisions," said Makarand M Joshi, Founder of MMJC & Associates, a Corporate Compliance business.

A few Adani group stocks were trading higher on Friday morning, with Adani Enterprises Ltd shares increasing 1.27 percent to Rs 3,036.80. Another group stock, Adani Ports, was up 2.51% at Rs 1,151.60. At Rs 2,382.80, ACC was up 1.08 percent. Ambuja Cements increased their share price by 1% to Rs 555. Adani Power Ltd closed unchanged at Rs 555.45.