Gautam Adani, the chairman of the Adani Group, has once again become the richest person in Asia with a net worth of $111 billion, according to the Bloomberg Billionaires Index. This achievement comes after the Adani Group’s shares surged by up to 14 per cent on Friday, May 31, 2024.
Stock Market On May 31: Adani Group Shares
The stock market reacted positively to this surge, with Adani Group stocks adding Rs 1.23 lakh crore in investor wealth during the day.
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Adani Group Companies: Mcap
The surge in share prices brings their total market value to Rs 17.94 lakh crore at one point.
Market Value At End Of Day
By the end of trading, the market value settled at Rs 17.51 lakh crore. This reflects a significant increase of Rs 84,064 crore.
Gautam Adani Becomes India’s Richest Person
With the increase in market value, Adani has overtaken Mukesh Ambani of Reliance Industries, who held the top spot for nearly five months.
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Mukesh Ambani Ranking
Ambani now ranks 12th with a net worth of $109 billion.
When Mukesh Ambani Surpasses Gautam Adani
He had previously surpassed Adani after the Adani Group’s shares fell following a critical report by Hindenburg Research in January.
Gautam Adani Net Worth Growth In 2024
So far in 2024, Adani’s net worth has increased by $26.8 billion, while Ambani’s wealth has grown by $12.7 billion.
Supreme Court Order On Adani Group
The past year was challenging for the Adani Group after the Supreme Court ordered an investigation into the allegations made in the Hindenburg report.
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What Happens After Hindenburg Report?
Adani, who was once the third richest person in the world, saw a rapid decline in his ranking as the group’s shares were sold off.
Supreme Court Order In Adani-Hindrburg Case
However, the Supreme Court later directed the Securities and Exchange Board of India (Sebi) to conclude its investigation, stating that no further probes were needed.
What Sebi Said?
Sebi reported that it could not reach a conclusive outcome in its investigation.
World’s Top 10 Richest Person
On the global stage, Bernard Arnault is currently the richest person in the world with a net worth of $207 billion, followed by Elon Musk and Jeff Bezos, who have total wealth of $203 billion and $199 billion respectively.
