Gautam Adani, the business magnate, has successfully bounced back with a net worth of $100.7 billion, rejoining the league of global tycoons with fortunes surpassing $100 billion. This remarkable resurgence comes nearly a year after Hindenburg, a US-based short seller, leveled accusations of market manipulation against the Adani Group, causing a substantial dip in Adani’s wealth—losing over $80 billion, along with a $150 billion loss for his company.
Currently ranked as the world’s 12th richest individual, Adani stands just behind Mukesh Ambani. Adani Enterprises Ltd., the flagship company, witnessed an eight-day consecutive rise in its shares following a stellar 130% increase in profit as reported in its earnings report.
In the aftermath of the accusations by Hindenburg, the Adani Group dedicated months to addressing regulatory concerns, repaying debt, and rebuilding investor and lender trust. These efforts contributed significantly to the conglomerate’s wealth growth, restoring confidence and credibility among investors.
Fresh investments have poured into Adani Group companies, with GQG Partners LLC, led by Rajiv Jain, investing around $4 billion last year. The Qatar Investment Authority and TotalEnergies also contributed nearly $500 million and $300 million, respectively, in various ventures, showcasing renewed investor confidence.
This week, there are reports suggesting that Adani Green is in discussions to raise approximately $500 million through dollar bonds in its first overseas issuance since the Hindenburg report.
In a significant turn of events, the Supreme Court of India provided a clean chit to the Adani Group in January this year, supporting market regulator SEBI’s investigations into the claims made by Hindenburg. This ruling further boosted shares in Adani Enterprises.
Adani’s wealth resurgence aligns with India’s overall wealth surge, attracting global investors. Banks like Goldman Sachs and Morgan Stanley have endorsed India as a top investment destination for the next decade. The Adani Group’s ability to overcome challenges and regain financial stability reflects its resilience in the face of adversity.