Gautam Adani, Adani Group Chairman, has risen to the 15th richest person in the world after a tremendous increase in Adani Group equities.
Following the surge in Adani Group stocks, Adani was back among the top 20 richest persons in the world in November.
Adani is now the 15th richest person in the world, according to the Bloomberg Billionaires Index, with a net worth of $82.5 billion. Following the spike in Adani Group equities on Tuesday, Adani’s fortune increased by more than $ 12 billion.
In Tuesday’s session, Adani Group’s market capitalization reached an 11-month high of Rs 13.8 lakh crore.
The Adani group had its best-ever single-day market performance, gaining Rs 1.92 lakh crore in a single day.
Tuesday’s significant gains follow reports that the US International Development Finance Corp (DFC) did not deem short-seller Hindenburg Research’s charges of corporate wrongdoing relevant. The DFC reportedly undertook a thorough review of the accusations against the Adani Group before providing a large credit to the company for a port project in Sri Lanka.
All ten equities in the Adani group gained between 7% and 20%, with Adani Green Energy and Adani Energy Solutions gaining 20%. Adani Enterprises Ltd (AEL), the Group’s main company, witnessed its share price climb by 16.91%, increasing its market valuation by Rs 48,809 crore. Adani Ports and Special Economic Zone (APSEZ) also fared well, increasing its share price by 15.3 percent and contributing Rs 29,043 crore to the market cap.
Other group equities rose as well, with Adani Energy Solutions and Adani Green Energy Solutions each gaining 20%. Both equities increased the group’s market capitalization by more than Rs 55,600 crore. Adani Power Ltd (APL) and Adani Total Gas Limited (ATGL) had advances of 15.81% and 19.88%, respectively.