Gautam Adani Becomes Asia’s Richest Man, Beats Mukesh Ambani After SC’s Hindenburg Ruling

New Delhi: Gautam Adani has reclaimed the title of India’s richest man, surpassing Mukesh Ambani after Supreme Court’s ruling favouring the Adani Group in the Adani-Hindenburg case. Adani’s net worth now stands at $97.6 billion, edging ahead of Ambani at $97 billion, according to the Bloomberg Billionaires Index.

The recent court decision, which dismissed inquiries into fraud allegations made by the Hindenburg report, propelled Adani’s wealth by $11.8 billion in just two days. Adani is currently the 12th richest person globally, with Ambani in the 13th spot.

Forbes Real-Time Billionaires List paints a slightly different picture, estimating Ambani’s net worth at $100.3 billion and Adani’s at $77.9 billion. Adani’s elder brother, Vinod Adani, is also featured on the list at 85th position with an estimated worth of $21 billion.

The Adani Group faced a tumultuous period in 2023 following the Hindenburg report, causing a significant drop in Adani’s personal wealth by almost $100 billion. However, the recent surge has seen Adani’s fortune recover, with the group’s flagship company, Adani Enterprises, experiencing a notable rebound in share prices.

Venture capitalists and institutions that invested in the Adani Group during its low point in the market last year, such as GQG Partners and the Qatar Investment Authority, have witnessed substantial gains. Despite this recovery, the combined market capitalization of Adani group companies remains approximately half of its pre-Hindenburg levels.

Adani’s rise to the top comes amid fluctuations in the stock market, with analysts expressing caution about the high price-earning ratios of some group companies, suggesting potential overvaluation. Adani’s success is expected to continue, especially with the Indian stock market in a bullish phase.