Billionaire Gautam Adani re-entered the top 20 global billionaires list amid the ongoing recovery in the select shares of the group companies. With a net worth of $61.40 billion, Adani now stands at 17th spot in the Forbes real-time billionaires list.
Shares of Adani Enterprises traded 16.06 per cent higher at Rs 1,825 at around 3 pm (IST), while the benchmark BSE Sensex traded almost flat at 60,475. Shares of Adani Enterprises have advanced around 80 per cent amid the ongoing recovery on Dalal Street against their 52-week low of Rs 1,017.10, scaled on February 3, 2023. Likewise, Adani Ports and ACC have also rallied nearly 40 per cent and 17 per cent, respectively, from their respective 52-week high levels, hit on February 3, 2023.
Recently, Adani, who was the third-richest individual in the world till January 24, dropped from the world’s top 20 billionaire rich due to sudden crash in the groups’ share price. Shares of Adani group of companies plunged somewhere between 18 per cent and 58 per cent from January 24, 2023 to February 3, 2023. A report by the US short-seller Hindenburg Research on January 24 claiming that the Indian conglomerate had engaged in stock manipulation and accounting fraud ruined market sentiment. The allegations sent bonds and shares in the conglomerate’s companies down.
In light of recent market volatility and in continuation of the promoters’ commitment to reduce the overall promoter leverage backed by Adani Listed Company shares, the group on February 6 said that promoters have posted the amounts to prepay $1.11 billion ahead of its maturity of September 2024.
With the repayment, 168.27 million shares, or 12 percent stake of the promoters’ holding in Adani Ports, 27.56 million shares, or 3 percent of holding in Adani Green Energy and 11.77 million shares, or 1.4 percent promoters’ stake in Adani Transmission will be released.
Meanwhile, energy-to-telecom behemoth Reliance Industries’ Chairman Mukesh Ambani overtook Adani to become the richest Indian with a net worth of $82.10 billion, according to the Forbes real-time billionaires list.
With a net worth of $26 billion, Shiv Nadar is the third richest in India. He is followed by Cyrus Poonawalla ($20.10 billion), Lakshmi Mittal ($17.50 billion) and Savitri Jindal & Family ($16.80 billion).
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