Most of this gain in the group stocks was on November 28 (Tuesday) — the first trading day last week after the Supreme Court reserved its verdict on the probe.
The good performance of Adani Group companies' stocks last week contributed to the 5.6 billion dollar (Rs 46,663 crore) increase in the net worth of Indian billionaire Gautam Adani, as per Bloomberg report.
Currently ranked 20th on the Bloomberg Billionaires Index with a $65.8 billion fortune, the founder of the Adani Group saw his stocks battered earlier this year following a bombshell shortseller report in January.
On Tuesday, the Adani Group's stock price surged -the first trading day last week after the Supreme Court reserved its verdict on the probe. The final court ruling is awaited.
Over the week, the market made significant investments in the company after viewing the comment as encouraging. According to Bloomberg, the conglomerate's market worth increased by $12 billion on Tuesday.
Hindenburg has charged the Gautam Adani group for manipulating the stock market; the conglomerate refuted this accusation.
Regarding protecting investors from market swings, the Court questioned SEBI. Petitioners were prompted by the substantial decline in the value of Adani enterprises due to claims of inflated share prices. The extreme volatility of the stock market throughout the hearings prompted the Court to intervene. The group had lost a market value of 153 billion dollars as a result of the entire incident. The firm has mostly recovered that value during the past few months.
In an interim report released in May, a six-person expert group that the court established stated that it had not observed any indications of regulatory failure or market manipulation in Adani stocks.
The investments made by Qatar Investment Authority and GQG Partners drove the group's revival. Additionally, it secured a refinancing loan worth 3.5 billion dollars, which improved investor perception of the Adani Group.
The current net worth of Gautam Adani has increased to 59.5 billion dollars, according to Forbes. He lost 55 billion dollars due to the allegations. When the allegations struck, he was the second-richest person in the world; as of right now, he is ranked 20th.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "File pic")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}