Gautam Adani’s fortune has soared by $13 billion in just two trading sessions, following a partial reprieve from India’s markets regulator that reignited investor confidence in his conglomerate.
Shares of the Adani Group surged on Friday and Monday after the Securities and Exchange Board of India (SEBI) dismissed allegations that the company had used related-party transactions to funnel funds into its listed units. The rally propelled Adani’s net worth to $95.7 billion, according to the Bloomberg Billionaires Index — an increase of 21.6% so far this year. On Monday alone, the billionaire added $8.3 billion to his fortune.
The 63-year-old industrialist is now closing in on Asia’s wealthiest person, Mukesh Ambani, whose net worth stands at $98.6 billion.
The sharp gains rippled through markets, with several Adani Group companies seeing heavy trading volumes and large block deals. Options trading also spiked, with Adani Green Energy Ltd. hitting record-high bullish bets, while flagship Adani Enterprises Ltd. recorded its strongest positive activity in nearly two years.
However, uncertainties remain. SEBI continues to probe other issues flagged by US short-seller Hindenburg Research in its scathing 2023 report, and the Adani Group still faces a bribery case filed by the US Department of Justice last year.
Despite these lingering risks, the latest regulatory relief has unleashed a wave of optimism among investors, fueling a sharp rebound in Adani stocks more than two years after the conglomerate’s reputation came under intense scrutiny.
