Ongoing rally makes Gautam Adani world’s 15th richest

Robust Rebound

•  Adani Group’s mcap at 11-mth high
•  Mcap rose Rs1.92 lakh cr to Rs13.8 lakh cr in Tuesday’s trade
•  Adani conglomerate clinched its best-ever single-day rise

New Delhi: Gautam Adani, Adani Group Chairman is now 15thrichest in the world after adding more than $12 billion in a massive rally in Adani Group stocks.Adani was back in the list of top-20 richest people in the world in November following the rally in Adani Group stocks.

As per the Bloomberg Billionaires Index, Adani is now the 15thrichest person in the world, with a net worth of $82.5 billion. Adani’s wealth rose by more than $12 billion following the rally in Adani Group stocks on Tuesday.

Adani Group market capitalization (mcap) hit an 11-month high, reaching Rs13.8 lakh crore in mcap in Tuesday’s trade.The Adani conglomerate clinched its best-ever single-day market performance adding Rs1.92 lakh crore in one day gains.

Tuesday’s strong gains also come on the heels of reports indicating that the US International Development Finance Corp (DFC) did not find the allegations of corporate fraud by short-seller Hindenburg Research relevant. Before extending a significant loan to the conglomerate for a port project in Sri Lanka, the DFC reportedly conducted a thorough examination of the claims against the Adani Group.

All 10 stocks in the Adani group clocked gains ranging from 7-20 per cent with Adani Green Energy and Adani Energy Solutions hitting gains of 20 per cent. The Group’s flagship company Adani Enterprises Ltd (AEL) saw a staggering rise in its share price by 16.91 per cent, increasing its market valuation by a substantial Rs48,809 crore. Adani Ports and Special Economic Zone (APSEZ) also performed solidly with a 15.3 per cent gain in share price, contributing Rs29,043 crore to the market cap.

Other group stocks also gained with Adani Energy Solutions and Adani Green Energy Solutions clocking gains of 20 per cent each. Both stocks added over Rs55,600 crore to the group’s market cap. Adani Power Ltd (APL) and Adani Total Gas Limited (ATGL) registered gains of 15.81 per cent and 19.88 per cent, respectively.