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July 19, 2024
Adani Retakes Title of Asia’s Richest Person Amidst Stock Surge
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Adani Retakes Title of Asia’s Richest Person Amidst Stock Surge

Jun 3, 2024

In a remarkable turn of events, Gautam Adani has once again claimed the title of Asia’s richest person, surpassing Mukesh Ambani of Reliance Industries. With a staggering net worth of $111 billion, Adani now stands as the 11th wealthiest individual globally, leaving Ambani trailing at number 12 with a wealth of $109 billion, as reported by the Bloomberg Billionaires Index.

This dramatic rise in Adani’s fortune comes on the heels of a significant surge in the stock prices of his conglomerate’s listed companies. Shares across all Adani Group entities experienced a remarkable upswing, soaring by up to 14% following a bullish outlook from US brokerage firm Jefferies. The renewed investor confidence has been fueled by the group’s ambitious plans for expansion, signaling a massive $90 billion capital expenditure over the next decade.

Friday’s trading session witnessed a notable addition of Rs 84,064 crore in market value, propelling the combined market capitalization of Adani Group’s ten listed firms to an impressive Rs 17.5 lakh crore by the day’s close.

This resurgence marks a notable comeback for Adani, 61, who previously held the title of Asia’s wealthiest individual in 2022. Despite challenges in the past, including a setback due to a damning report by prominent short-seller Hindenburg Research in January 2023, Adani has once again solidified his position as a titan of industry and finance on the Asian continent.

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