The Indian mogul has regained much of his wealth after a short-seller attack sent it plunging in early 2023. On Wednesday, Adani’s net worth climbed $2.7 billion to $100.7 billion, the highest it’s been since Hindenburg Research accused his Adani Group of “brazen” market manipulation and fraud — allegations the Adani Group denied.
Shares of his flagship Adani Enterprises Ltd.rose for an eighth day Wednesday following an earnings report last week that showed a 130% surge in profit. He’s now the 12th-richest person in the world, just one spot behind his compatriot, Mukesh Ambani, according to the Bloomberg Billionaires Index.
While Ambani’s fortune hit a record high earlier this month, Adani’s is still about $50 billion below its 2022 peak.
Adani’s wealth slumped by more than $80 billion in the month following the report, reaching a low of $37.7 billion. His conglomerate, which at one point lost more than $150 billion in market value, spent months wooing back investors and lenders, repaying debt and assuaging regulatory concerns.
Rajiv Jain’s GQG Partners LLC poured about $4 billion into Adani Group companies last year, while the Qatar Investment Authority invested almost $500 million and TotalEnergies SE bet $300 million on a joint venture with Adani Green Energy Ltd., the conglomerate’s green arm. Earlier this week, people familiar with the discussions said Adani Green is in talks to raise about $500 million via dollar bonds in its first overseas issuance since the Hindenburg report.
In January, the Supreme Court of India ordered the local markets regulator to conclude an investigation into the group within three months and said no more probes were needed, helping boost shares of Adani Enterprises.
Adani’s rebound — and, more generally, the surge of wealth in India — is happening as global investors increasingly focus on the nation, helping boost stocks. Goldman Sachs Group Inc. and Morgan Stanley are among the banks that have endorsed India as the prime investment destination for the next decade.
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Adani, 61, dropped out of college to try his luck in Mumbai’s diamond industry in the early 1980s before turning to coal and ports. His empire has since expanded into everything from airports to data centers, media and green energy, focusing on areas that Prime Minister Narendra Modi deems crucial to meeting India’s long-term economic goals. At its peak, Adani’s fortune reached $150 billion and he ranked the third-richest person in the world.
After losing more wealth than anyone in 2023, Adani has regained $16.4 billion this year for one of the biggest advances among the super-rich tracked by Bloomberg.