As per the Bloomberg’s Billionaire Index, Gautam Adani has overthrown Mukesh Ambani to reclaim his spot as the country’s richest man.
As of the latest update, Adani has a net worth of $97.6 billion, surpassing Ambani, who is valued at $97 billion, according to the Bloomberg Index. Adani is currently ranked 12th globally, with Ambani closely following at the 13th position.
This shift in rankings is thanks to the recent surge in Adani Group stocks. The latest boost is driven by various factors, including the Supreme Court expressing confidence in SEBI’s (Securities and Exchange Board of India) investigation into the Adani-Hindenburg saga.
Adani had experienced an incredible rout in his wealth after the Hindenburg report came out last January. The report led to several of the Group’s listed stocks losing over 70% of market value. However, the stocks have now made a considerable recovery.
Adani Ports, Adani Energy Solutions, Adani Total Gas and Adani Power have surged up to 110% in the last six months.
Get all the latest Share Market trends and news to set you up for the week ahead.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.