Adani’s net worth improves as stocks of his firms rebound sharply today
Various Adani stocks were locked in the upper circuits
Mumbai: Gautam Adani’s net worth soared as his firm’s stocks rebounded, placing him back on the list of the world’s top 35 billionaires.
On Tuesday, all Adani stocks except two were trading positively, with Adani Enterprises surging by over 14 percent, and Adani Green, Adani Ports, Adani Power, and NDTV surging by around 5 percent.
Four Adani stocks lock in upper circuit
NDTV, Adani Power, Adani Port, and Adani Green were locked in their upper circuits at 3:30 pm today, while ACC, Ambuja Cement, and Adani Ports stocks were in the green, resulting in an improvement in Adani’s net worth.
Adani Transmission and Adani Total Gas, on the other hand, remained locked in their lower circuits.
Net worth of Adani
Adani’s global billionaire ranking improved due to a USD 98 million increase in net worth, placing him at 33rd on the list with a total net worth of USD 35.4 billion.
Till yesterday, the Hindenburg Effect caused a considerable decline in Gautam Adani’s net worth, which was USD 134.2 billion on December 13, 2022.
Reason for rebound in Adani group stock prices
Adani Group’s stocks rebounded on Tuesday after reports surfaced that Gautam Adani plans to repay or prepay share-backed loans worth USD 690 million to USD 790 million by the end of March.
The move aims to improve the conglomerate’s credit profile.
Earlier, despite the group’s denial of all allegations made by Hindenburg Research, a massive dip in stocks’ values was witnessed.
Mukesh Ambani continues to be India’s richest person
The falling stocks of Adani Group firms have widened the gap between Gautam Adani’s and Reliance Industries Limited (RIL) chairman Mukesh Ambani’s net worths in recent days.
At present, Ambani’s net worth is more than twice that of Adani’s. Ambani has reclaimed his title as India’s wealthiest person as of February 1, being the only Indian in the world’s top billionaire list.
Currently, he is ranked 8th on the global billionaire list, with a net worth of USD 82.7 billion.
