Billionaire Gautam Adani’s fortunes topped $50 billion mark as last count after testing sub-$40 billion levels in the aftermath of Hindenburg Research allegations. His group, which includes 10 listed companies saw its market capitalisation (m-cap) recovering to Rs 9 lakh crore level, still way away from $19.20 lakh crore level as on January 24, the day Hindenburg came out with its scathing report on alleged stock manipulation and accounting fraud at the group companies.
Adani, 60, was last valued at $52.1 billion on the Bloomberg Billionaire index. His personal wealth hit a low of $37.70 billion on February 27 amid relentless selloff in his group shares such as Adani Total Gas, Adani Transmission Ltd, Adani Green Energy Ltd and Adani Enterprises Ltd. That said, the billionaire still has lost 57 per cent or $68.5 billion notionally in 2023 so far. Adani was the second richest on this planet in September 2022.
On Wednesday, at least four of Adani group stocks hit their upper circuit limits. Adani Power hit its 5 per cent upper circuit limit at Rs 186.75. Adani Transmission hit its upper circuit at Rs 819.90. Adani Green Energy was locked at its upper circuit limit of Rs 619.60. Adani Total Gas also hit its upper circuit limit at Rs 861.90. Adani Wilmar was up 4.85 per cent at Rs 460.50. Adani Ports & SEZ rose 1 per cent to Rs 697.55 while Adani Enterprises was up 1.63 per cent at Rs 2,015.10. Other group stocks namely Ambuja Cements, ACC and NDTV edged higher.
Among Adani group shares, Adani Enterprises commanded a m-cap of Rs 2,31,335 crore. It was followed by Adani Ports & SEZ (Rs 1,51,156 crore), Adani Power (Rs 72,028 crore), Adani Transmission(Rs 91,459 crore) and Adani Green Energy (Rs 98,147 crore).
The Adani shares have recovered recently after the group said it has repaid share-based financing of Rs 7,374 crore and would prepay all such remaining loans by the end of the month. Besides, SB Adani Family Trust last week sold Rs 15,446 crore worth stakes in four Adani group firms to US-based GQG Partners. Besides, the conglomerate has lined up more road shows to shore up investor confidence after Hindenburg Research’s scathing report on January 24, which sent the group market capitalisation falling as much as $150 billion recently. The moves are seen boosting investor confidence, as seen in the recent recovery in Adani group shares.
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Also read: Adani Total Gas, Adani Power, 2 other Adani group shares hit 5% upper circuit limits on loan payments