Tuesday saw a sharp increase in Adani Group stock prices, one day after the Supreme Court postponed making a decision about the investigation into the Hindenburg charges.
Due to the strongperformance of the Adani Group firms’ stocks, Indian billionaire Gautam Adani’s net worth climbed by 5.6 billion dollars (₹46,663 crore) last week. This occurs about a year after he suffered a significant loss in net worth as a result of the financial irregularities that the American short-seller Hindenburg alleged.
On Tuesday, the Adani Group’s stock price surged, following the Supreme Court’s announcement that it would not take media stories disparaging the company as gospel truth, so delaying its decision on the Hindenburg investigation.
Over the course of the week, the market made significant investments in the company after viewing the comment as encouraging. According to Bloomberg, the conglomerate’s market worth increased by $12 billion on Tuesday.
Hindenburg has charged the Gautam Adani group for manipulating the stock market; the conglomerate refuted this accusation.
According to Abhay Agarwal, the founder and portfolio manager of Piper Serica Advisors, a Mumbai-based firm, “we will not hear about Hindenburg” in regards to the scandal.
Sebi was requested by the court to look into the claims made by Hindenburg against the Adani Group. The group had lost market value of 153 billion dollars as a result of the entire incident. The firm has mostly recovered that value during the past few months.
In an interim report released in May, a six-person expert group that the court established stated that it had not observed any indications of regulatory failure or market manipulation in Adani equities.
The investments made by Qatar Investment Authority and GQG Partners drove the group’s revival. Additionally, it obtained a refinancing loan worth 3.5 billion dollars, which improved investor perception of the Adani Group.
According to Forbes, Gautam Adani’s net worth has climbed to $59.5 billion as of right now. The accusations caused him to lose $55 billion. When the accusations surfaced, he was the second-richest person in the world; as of right now, he is ranked 20th.
