Monday, July 15, 2024

Adani’s $10 Billion Wealth Surge Amid Market Boom; Returns to Top 20 Rich List

During a stock market surge, Gautam Adani, the Chairman of Adani Group, saw an extraordinary spike in wealth. His net worth skyrocketed by $10 billion in just a week, now totaling $70.3 billion according to the Bloomberg Billionaires Index.

Adani’s Remarkable Ascendancy

Previously ousted from the top 20 wealthiest individuals due to losses post the Hindenburg report, Adani has reclaimed his position among the elite. His exponential wealth surge has propelled him to the 16th spot in the global rich list.

Mukesh Ambani’s Lead

Despite Adani’s remarkable surge, Mukesh Ambani, Chairman of Reliance Industries, maintains a lead, holding the 13th spot with a wealth of $90.4 billion.

Market Resurgence and Company Profits

Following a report from the US International Development Finance Corporation debunking corporate fraud allegations against Adani Group by Hindenburg Research, Adani Group’s stocks surged by 20 percent. This boost in confidence led to significant growth in the profits of all 10 companies listed under Adani Group in the market. Collectively, they surpassed a total market capitalization of Rs 13 lakh crore.

Notable Gains in Stock Values

Specifically, on the Bombay Stock Exchange (BSE), Adani Green Energy saw a remarkable 20 percent rise to Rs 1,348 per share, Adani Energy Solutions surged by 16.38 percent to Rs 1,050 per share, Adani Total Gas climbed by 15.81 percent to Rs 847.90 per share, and the flagship company Adani Enterprises recorded a 10.90 percent rise, closing at Rs 2,805 per share.

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