Indian billionaire Gautam Adani has witnessed a remarkable surge in his net worth, now standing at $64.2 billion, securing the 18th spot on the Bloomberg Billionaires' Index. This substantial leap, however, places him second to Mukesh Ambani, chairman of Reliance Industries (RIL).
Furthermore, Adani Group stocks received a substantial boost on Tuesday as its recent investor, GQG Partners, augmented its stake in the conglomerate by approximately 10 percent. In March of this year, GQG Partners had invested Rs 15,446.35 crore across Adani Enterprises, Adani Ports, Adani Green Energy, and Adani Transmission. Remarkably, the value of this investment soared to Rs 25,515.50 in Tuesday's intraday trade, representing an impressive 65 percent increase.
During an interview with Bloomberg, Rajiv Jain, the owner of GQG Partners, expressed high praise for Adani Group's stocks, referring to them as "the best infrastructure assets available in India."
During Monday's trading session, Adani Group's market capitalization surged from Rs 68,400 crore to Rs 10,03,861 crore, compared to the previous Friday's closing value of Rs 9,34,485 crore. However, it is important to note that this current value remains 48 percent lower than the group's market capitalization of Rs 19.20 lakh crore on January 24, the day the Hindenburg report was published.
The US-based short seller, Hindenburg Research, made allegations of stock manipulation and accounting fraud against the Adani Group. Consequently, the group withdrew its follow-on public offer (FPO) worth Rs 20,000 crore and implemented measures to address concerns related to debt.
