After the shares of his four companies rose yesterday, Gautam Adani re-entered the list of the top 20 richest people in the world. On Friday, all four stocks finished in the black.
Adani Ports increased 7.98% to Rs 498.85, while Adani Enterprises recovered from the 35 percent decline and increased 1.25 percent to settle at Rs 1584. The two other stocks, ACC and Ambuja Cement, both increased by 4.39 and 6.03 percent.
All of the Adani Group stocks were trading in the red during Friday’s early session, with the majority of them locked in lower circuits. However, yesterday at around 2:00 PM, stocks began to recover, and four of them closed in the green.
Adani is currently listed as the 17th richest person in the world.
Why Adani lost billions after Hindenburg report?
A report from the Hindenburg research firm raised concerns about the possibility that shares of Adani Group companies could decline from their current levels due to high valuations.
Following the publication of the report, the stocks of the group’s companies started to decline, and Adani’s net worth decreased significantly.
Despite the group’s 400-page response to the firm’s accusations and narrative, the sell-off went on.
Reason for rebound in Adani group stock prices
Market analysts claim that Total Energies’ statement has improved investor sentiment.
According to the French energy company, it has not updated its accounts to reflect a higher value for its holdings in the publicly traded companies ATGL and AGEL.
The energy company stated in a release that “the due diligence, which were completed to TotalEnergies’ satisfaction, were consistent with best practises, and all relevant material in the public domain was reviewed, including the detailed disclosures to regulators required under applicable laws.”
Net worth of Adani
Gautam Adani’s net worth, which was USD 134.2 billion on December 13, 2022, has decreased significantly as a result of the Hindenburg Effect and is now only USD 61.7 billion.
The wealth gap between Mukesh Ambani, chairman of Reliance Industries Limited (RIL), and Gautam Adani is growing as a result of the group companies’ stocks’ ongoing decline.
Ambani, who is currently ranked 12th on the list of the world’s billionaires, has reclaimed his position as the richest person in India as of February 1. His net worth is 82.7 billion US dollars.