The recent surge in Adani Group stocks has been a crucial factor in this shift.
Mumbai : In a significant financial development, billionaire Gautam Adani has reclaimed his position as Asia's richest person, surpassing Reliance Industries chairman Mukesh Ambani, according to the Bloomberg Billionaires Index. As of 6 PM on Saturday, Adani, who chairs the Adani Group, holds the 11th spot on the index with a net worth of $111 billion, outstripping Ambani's $109 billion.
The recent surge in Adani Group stocks has been a crucial factor in this shift. On Friday, shares of all Adani Group companies soared following a Jefferies report that highlighted the conglomerate's aggressive expansion plans, including $90 billion in capital expenditures over the next decade.
Investor response was overwhelmingly positive, with Adani Group stocks adding up to Rs. 1.23 lakh crore in investor wealth, bringing their total market capitalisation to Rs. 17.94 lakh crore during intraday trading. By the end of the trading day, the market capitalisation had settled at Rs. 17.51 lakh crore, marking an increase of Rs. 84,064 crore.
Earlier this week, Gautam Adani expressed optimism about the future of his company, highlighting the robust recovery from challenges posed by US short-seller Hindenburg. In the Adani Group's annual report, Adani underscored the resilience and strength the company has gained from overcoming these obstacles, drawing inspiration from India's economic resilience.
"The road ahead is paved with extraordinary possibilities, and I can promise you that the Adani Group today is stronger than it has ever been," Adani stated.
The Bloomberg Billionaires Index provides a daily ranking of the world's wealthiest individuals, updated at the close of each trading day in New York.
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