Gautam Adani pulls off it again, entering $100 Billion club
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New Delhi: Industrialist Gautam Adani is back in $100 billion club again a year after Hindenburg Research's market manipulation charges caused a big plunge in his company’s share prices, NDTV reported citing the Bloomberg Billionaires Index.
Adani Group reportedly regained much of the lost wealth just as Adani Enterprises reporting 130% surge in profit last week.
Gautam Adani is now the 12th richest person in the world having a net worth of $101 billion, according to the report.
After the short-seller dropped a bombshell last year accusing the group of manipulation, Adani Group suffered huge plunge in share prices.
The group’s rise to prominence follows a clean chit from the Supreme Court and the markets regulator.
Adani Group, which once valued at over $150 billion, hit back at the short-seller, terming the charges ‘malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive.’
Following Hindenburg Research's report Adani lost around $80 billion hitting a low of $37.7 billion.
Despite the setback, he has regained over $16 billion this year with now hitting $50 billion below his 2022 peak, according to the report.
The Supreme Court in January backed markets regulator SEBI's clean chit to the Adani Group.
Writing an year after the allegations that shook his company, Adani said if the plan by the ‘detractors’ were fully successful, it would have caused domino effect crippling ‘critical infrastructure assets, seaports and airports to power supply chains’.