Gautam Adani is Asia's richest person again; overtakes Ambani on Bloomberg Index with $111 bn net worth
Gautam Adani has reclaimed the title of Asia's richest person, surpassing Reliance Industries chairman Mukesh Ambani, according to the Bloomberg Billionaires Index. As of 6 PM on Saturday, Adani, the chairman of Adani Group, holds the 11th spot on the index with a net worth of $111 billion, compared to Ambani's $109 billion.
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The significant rise in Adani Group stocks has been a key factor in Adani's overtaking of Ambani. On Friday, shares of all Adani Group companies surged following a report by Jefferies highlighting the group's aggressive expansion plans, including $90 billion in capital expenditures over the next decade.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Leadership in AIVisitIIM LucknowChief Executive Officer ProgrammeVisitIndian School of BusinessISB Chief Technology OfficerVisitThe market reacted positively, with Adani Group stocks adding up to ₹1.23 lakh crore in investor wealth, bringing their total market capitalisation to ₹17.94 lakh crore intraday. By the close of trading, the market capitalisation had settled at ₹17.51 lakh crore, with an addition of ₹84,064 crore in value.
2023 had been quite challenging for the Adani Group after the Supreme Court ordered a panel to probe the allegations in the Hindenburg report. Adani, who was the third richest person in the world before the report, slipped in the rankings rapidly after the group's shares saw a sell-off.
