Gautam Adani returned to the world’s top 20 billionaires list after the stocks of his four firms rebounded yesterday. All four stocks closed in the green on Friday.
While Adani Enterprises recovered from the dip of 35 percent and climbed 1.25 percent to settle at Rs 1584, Adani Ports climbed 7.98 percent to Rs 498.85. The other two stocks, ACC and Ambuja cement climbed by 4.39 and 6.03 percent respectively.
In the early session on Friday, all the Adani Group stocks were trading in red and most were locked in lower circuits. However, stocks rebound at around 2 pm yesterday and four of them close in green.
Currently, Adani is ranked 17th on the world’s billionaire list
Why Adani lost billions after Hindenburg report?
Hindenburg research firm released a report raising concerns about shares of Adani Group companies having a possibility of declining from their current levels, owing to high valuations.
After the release of the report, the stocks of companies belonging to the group started falling, and the net worth of Adani dipped by billions of dollars.
Though the group responded to allegations and narrative peddled by the firm in a 400-page response, the sell-off continued.
Reason for rebound in Adani group stock prices
As per market experts, the statement issued by TotalEnergies has raised the sentiment of the market.
The French energy company has said that it has not performed any re-evaluation in its accounts of its stakes in the listed entities ATGL and AGEL in relation to the increase in their stock values.
“The due diligence, which were carried out to TotalEnergies’ satisfaction, were consistent with best practices, and all relevant material in the public domain was reviewed, including the detailed disclosures to regulators required under applicable laws,” the energy firm said in a release.
Net worth of Adani
The Hindenburg Effect has caused a significant drop in Gautam Adani’s net worth, which was USD 134.2 billion on December 13, 2022, but now stands at USD 61.7 billion.
Due to the continuous fall in the stocks of the group firms, the gap between the net worths of Gautam Adani and Reliance Industries Limited (RIL) chairman Mukesh Ambani is widening.
Ambani has regained his title as the richest person in India as of February 1 and is currently ranked 12th on the world’s billionaire list. His net worth is USD 82.7 billion.
