Adani Group Chairperson Gautam Adani is back on Forbes’ list of the top 20 richest people in the world after some of his group firms’ share prices increased. Adani’s wealth increased by $1.2 billion to $60.6 billion on Tuesday, moving him up to the 17th spot on Forbes’ list of the world’s richest people.
The Adani Group Chairman fell out of the top 20 richest people in the world last week as a result of a continuous decline in the share prices of group companies. Prior to January 24, when Hindenburg Research published a report alleging stock manipulation and accounting fraud against the conglomerate, he was the third-richest person in the world.
Since the release of the Hindenburg research, the market value of Adani Group shares has decreased by more than $116 billion during the past two weeks.
After plunging for eight days, some Adani Group shares began to rise on Tuesday. Adani Enterprises, the company’s flagship, closed 15.35 percent higher. Adani Wilmar reached the upper 5 percent circuit, and Adani Ports increased by 1.3 percent. Ambuja Cement increased by more than one percent, while NDTV also ended the day with a higher price.
In the meantime, the Adani Group’s promoters will prepay loans totaling $1.1 billion before their September 2024 deadline in order to release pledged shares. On Monday, the company announced the news.
Given the recent market volatility and their ongoing resolve to minimise overall promoter leverage secured by shares of the Adani Listed Company, the promoters have deposited the funds to prepay $1,114 million prior to the loan’s maturity in September 2024, according to a statement from the Group.
Also Read: RBI Increases Repo Rate To 6.5%