Gautam Adani is now the wealthiest person in India as well as Asia, leaving behind Mukesh Ambani in the race. The shares of Adani companies have risen to a very high level, increasing his wealth.
Adani is a billionaire and became Asia’s richest person after he was given a clean chit by the Supreme Court of India. There was a case against him in the Supreme Court related to the Adani-Hindenburg matter. The court has given a judgement in his favour, freeing him of the charges. This is the main reason for the increase in Adani’s shares.
Adani is a self-made businessperson and presently Asia’s richest person. He does not have a high education and is a college dropout. He owns the Adani Group, which includes many businesses and companies. The Group has businesses of ports and power also.
What is the Hindenburg Controversy?
Hindenburg’s research report in early 2023 tarnished Adani’s name. He suffered a huge loss after that. His shares were witnessing up and down movement due to which he also underwent monetary loss.
Hindenburg Research is an investment research company and a short seller based in New York, USA. It publishes reports of corporate fraud on its web portal. Short-sellers gain profit by betting and claiming loss of value of stocks of a company. The firm had published a report in which it claimed that the Adani Group was involved in manipulating stocks. The report also said that there were accounting irregularities in the company. According to Hindenburg, they reached this conclusion of fraud against Adani after two years of observation. This allegation caused a loss of reputation and money for him. The value of his stocks fell drastically and his wealth decreased by 60% to $69 billion. But now he has become Asia’s richest person.
Gautam Adani Gains 12th Rank in Global Billionaires List
The bad times of Adani have been reversed now with the Supreme Court passing a judgement in his favour. He has gained 12th rank in Bloomberg’s Global Billionaires Index. Earlier, Adani was in the 15th place in this index in December 2023. He has beaten Mukesh Ambani, who is at present in the 13th rank in Bloomberg’s Index. Ambani held the 14th rank in the Index in December last year and has stepped up one rank higher since then.
Currently, Gautam Adani owns wealth amounting to $97.6 billion which makes him Asia’s richest person. His net worth has increased by $7.67 billion since last year when he was in the 15th position in the Bloomberg top billionaires of the world index.
