Billionaire Gautam Adani’s wealth has surged over $12 billion in a day as shares of Adani Group companies continued their spectacular rally on the stock markets for the third consecutive session.
On Wednesday, Gautam Adani’s net worth was up $12.3 billion on the Bloomberg Billionaires Index and now stands at $82.5 billion. Within a few days, Adani has jumped 7 spots on the list of the world’s richest individuals to 15th position, just a couple of places below India’s richest person, Mukesh Ambani.
If shares of Adani Group continue this momentum for one or two trading sessions, Gautam Adani is likely to overtake the Reliance Industries Limited chairman, who has a net worth of $91.4 billion and is 13th on the list of the world’s richest people.
It may be noted that Adani Group’s market capitalisation crossed Rs 14 lakh crore in early trade and was seen inching closer to Rs 15 lakh crore in early trade. However, shares of some listed companies of the firm have retreated after hitting their day’s high due to profit booking.
At around 12:50 pm, flagship company Adani Enterprises’ shares were down over 1.5 per cent, while Adani Ports was up 1.25 per cent. Earlier in the day, Adani Ports had gained nearly 7 per cent.
Adani Green Energy fell marginally but was trading over 15 per cent higher. Adani Total Gas was up over 17 per cent after hitting a 52-week high in early trade. Adani Transmission, Adani Power and Adani Wilmar were up nearly 10 per cent, 6 per cent and 4 per cent, respectively.
Amongst other Adani Group companies, NDTV was up over 9 per cent, while ACC was down over 2.71 per cent and Ambuja Cements fell 1 per cent.
While not all Adani Group stocks have been able to maintain strong momentum today, the past two trading sessions have significantly bumped up the valuation of the listed companies.
Shares of all 10 Adani Group’s listed companies registered strong gains on Monday as part of a broader stock market rally, triggered by the Bharatiya Janata Party’s decisive electoral victories in three states.
The rally in Adani Group shares peaked on Tuesday after reports claimed that the US has termed short-seller Hindenburg Research’s allegations of fraud against the conglomerate as irrelevant.