One year after Hindenburg row, Adani's fortune hits $100B again
Gautam Adani's net worth has soared to $100.7 billion, rejoining the exclusive group of tycoons around the world with fortunes over $100 billion. This comes almost a year after Hindenburg, a US-based short seller, accused the Adani Group of market manipulation. The accusations had caused a significant dip in his wealth as he lost more than $80 billion and his company lost $150 billion. Now ranked as the 12th richest person worldwide, Adani is just behind Mukesh Ambani.
Adani Enterprises's shares rise after earnings report
Adani Enterprises Ltd., Adani's flagship company, saw its shares rise for eight consecutive days after reporting a 130% increase in profit. Following accusations of fraud and market manipulation by Hindenburg, the Adani Group spent months addressing regulatory concerns, repaying debt, and regaining the trust of investors and lenders. These factors contributed to wealth growth as the conglomerate regained investors' confidence and credibility.
Investments pour into Adani Group companies
Last year, Rajiv Jain's GQG Partners LLC invested around $4 billion in Adani Group companies. The Qatar Investment Authority also contributed nearly $500 million, while TotalEnergies invested $300 million in a joint venture with Adani Green Energy Ltd., the group's green energy division. This week, sources informed the Economic Times that Adani Green is discussing raising about $500 million through dollar bonds in its first overseas issuance since the Hindenburg report.
Supreme Court orders investigation conclusion in Adani case
In January this year, the Supreme Court of India gave a clean chit to the Adani Group, backing market regulator SEBI's investigations into the claims made by Hindenburg. The ruling helped boost shares in Adani Enterprises. Adani's wealth resurgence and India's overall wealth surge are happening as global investors increasingly focus on the country, with banks like Goldman Sachs and Morgan Stanley endorsing India as top investment destination for the next decade.
