According to Bloomberg, billionaire Gautam Adani's net worth increased by $5.6 billion last week as shares of his companies soared following the Supreme Court hearing on the Hindenburg report-related subject. The fortune of the business tycoons was damaged early this year after a US-based short seller accused billionaire Adani Group of widespread corporate misconduct in its 24 January report.
However, the Supreme Court postponed its decision last month on a slew of petitions requesting an investigation into charges of fraud against the Adani company. In its decision, the Supreme Court stated that it will not accept damning media reports about the corporation as "gospel truth." The final decision is awaited.
Following the Court's decision, the industrialist now ranks 20th on the Bloomberg Billionaires Index, with a fortune of $65.8 billion. In addition, Adani Group stock gained $9.8 billion in market value on Monday. The stock surge was part of the Nifty 50 and Sensex reaching record highs as market investors celebrated Prime Minister Narendra Modi's party's victory in three state elections.
At 9.30 a.m. on Monday, the Sensex was up more than 1,000 points, or 1.5%, at 68,525 and the Nifty was up more than 300 points, or 1.5%, near 20,600. Adani Enterprises' stock increased 7.8%, while Adani Green Energy's stock increased 8.43%. Adani Total Gas shares increased by 4.56%. At 1:20 p.m. on Monday, Adani Power shares were up 5.35%, Adani Wilmar shares were up 2.59%, and Adani Ports shares were up 6.10%.
Following the Supreme Court's judgement last month, the stock prices of Adani-owned companies increased by about 15,000 percent. Nine of the 10 listed group companies ended in the green, adding ₹14,786 crore in group market capitalization, stock exchange data showed.
Following the court hearing, the total market value of the ten Adani Group firms was roughly 10.26 lakh crore. Gautam Adani, a first-generation entrepreneur who began as a diamond trader in Mumbai in the 1980s and briefly held the second-richest position in 2022, has lost $55 billion, the most fortune for any billionaire this year.
