Gautam Adani Enters $100 Billion Club Again, Year After Short-Seller Attack

Industrialist Gautam Adani’s fortune has hit $100 billion again, a year after his group’s share prices saw an unprecedented rout sparked by Hindenburg Research’s market manipulation charges. Adani Group now stands cleared of all charges.

Gautam Adani is currently the 12th richest person in the world with a net worth of $101 billion, according to the Bloomberg Billionaires Index.

His flagship Adani Enterprises reported 130% surge in profit last week, following which its shares rose for the eighth consecutive day on Wednesday.

Once valued at over $150 billion, Adani Group saw a big plunge in share prices last year after a short-seller attack, but has regained much of his lost wealth after a clean chit from the Supreme Court and the markets regulator.

The company had termed the Hindenburg allegations as “malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive”.

The port-to-energy tycoon reached a low of $37.7 billion, losing around $80 billion following the report. He has regained over $16 billion this year, according to a Bloomberg tracker, and now remains about $50 billion below his 2022 peak.

In a big victory for the company, the Supreme Court in January backed markets regulator SEBI’s clean chit to the Adani Group and ruled out a need for further probe.

Mr Adani last month said he doesn’t expect this to be the end of such attacks.

“Had our detractors’ plan fully succeeded, domino effects could have crippled many critical infrastructure assets, seaports and airports to power supply chains – a catastrophic situation for any country,” he wrote in an article marking a year since the allegations were made.