Indian billionaire Gautam Adani's net worth increased by 5.6 billion dollars ( ₹46,663 crore) last week due to the good performance of Adani Group companies' stocks. This comes nearly a year after he lost a substantial chunk of his net worth due to the allegations of financial irregularities levelled by the American short-seller Hindenburg.
The Adani Group stocks soared on Tuesday, a day after the Supreme Court reserved its verdict on the probe into the Hindenburg allegations saying it won't consider media reports against the group as the gospel truth.
The market considered the remark as a positive sign and invested heavily into the company over the week. On Tuesday, the conglomerate's market value rose by 12 billion dollars, reported Bloomberg.
Hindenburg had accused the Gautam Adani group of stock market manipulation -- a charge denied by the conglomerate.
Abhay Agarwal, founder and portfolio manager at Mumbai-based Piper Serica Advisors, told the agency that the view over the controversy is that "we will not hear about Hindenburg".
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The court had asked Sebi to probe the Hindenburg's allegations against the Adani Group. The entire episode had led to the group losing 153 billion dollars worth of market value. Over the last few months, the group has recovered a major part of that value.
{{/usCountry}}The court had asked Sebi to probe the Hindenburg's allegations against the Adani Group. The entire episode had led to the group losing 153 billion dollars worth of market value. Over the last few months, the group has recovered a major part of that value.
{{/usCountry}}A six-member expert panel appointed by the court said in its interim report in May that it saw no regulatory failure or signs of price manipulation in Adani stocks.
The group's recovery was propelled by the investments made by GQG Partners and Qatar Investment Authority. It also secured a 3.5 billion dollars refinancing loan which boosted investor sentiment in favour of the Adani Group.
Gautam Adani's current net worth has increased to 59.5 billion dollars, according to Forbes. He lost 55 billion dollars due to the allegations. He was the world's second richest person when the allegations struck; now he is the 20th richest person in the world.