Adani stocks zoom up to 20% in best single-day show
The rally propelled the group's market capitalisation to an 11-month high of ₹13.88 lakh crore, a gain of ₹3.61 lakh crore since November 28 after the Supreme Court had reserved its judgment on pleas seeking an investigation into the allegations made by Hindenburg against the Adani Group. Oral observations by the court that the Hindenburg report need not be taken as «gospel truth» had been seen by the market as positive.
Group chairman Gautam Adani saw a rise in his ranking among the world's wealthiest individuals on Monday, climbing from 20 to 16, with a net worth of $70.2 billion.
Mukesh Ambani, the chairman of Reliance Industries Ltd (RIL), is at 13th position with a net worth of $90.4 billion.
In September last year, Adani became the second richest man in the world, surpassing Amazon founder Jeff Bezos with a net worth of $147 billion.
The rout in Adani Group shares since January, when the Hindenburg report was released, had pushed him out of the top 20 global richest list. Gautam Adani's net worth has recovered nearly $57.7 billion in the last three months.
Adani Green Energy, Adani Energy Solutions and Adani Total Gas hit the 20% upper circuit.
Flagship Adani Enterprises jumped 16.91% while Adani Ports and Adani Power gained more than 15%.
Adani Group stocks, which had a market capitalisation of Rs 19.20 lakh crore on January 24, witnessed a significant downturn within a month, losing nearly Rs 12.37 lakh crore and sinking to Rs 6.82 lakh crore by February 27. Subsequently, the group managed to recover Rs 7.6 lakh crore, but it remains Rs 5.33 lakh crore below the market capitalisation on January 24, before the Hindenburg report release.
Shares of Adani Total Gas have rallied 64% since November 28, while
