Mumbai: Billionaire Gautam Adani has once again ascended to the top of Asia's wealth ladder, overtaking Mukesh Ambani, Chairman of Reliance Industries.
According to the Bloomberg Billionaires Index, Adani now stands 12th globally. As of Monday, Adani's net worth soared to $111 billion (over Rs. 9.2 lakh crores), while Ambani closely trails behind at $109 billion (Over Rs. 9 lakh crores), securing the 13th spot on the index.
The surge in Adani Group's stock prices came in response to a favorable report by Jefferies, outlining the conglomerate's ambitious expansion plans. With a whopping $90 billion (over Rs 750 crore) earmarked for capital expenditures over the next decade, investor confidence soared.
This surge injected Rs 1.23 lakh crore in investor wealth into Adani Group stocks, propelling their total market capitalization to Rs. 17.94 lakh crore intraday. By the end of trading, the shares had added Rs. 84,064 crore in value.
Gautam Adani expressed optimism about the future trajectory of the Adani Group earlier this week. Despite facing challenges from the US short-seller Hindenburg, Adani emphasized the group’s resilience, drawing parallels with India's own strength. In his annual report, he highlighted the possibilities that lie ahead and reassured stakeholders, stating, “The road ahead is paved with extraordinary possibilities, and I can promise you that the Adani Group today is stronger than it has ever been.”
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