Chairperson of Indian conglomerate Adani Circle, Gautam Adani, speaking at the World Congress of Accountants in Mumbai on November 19, 2022.
Indranil Mukherjee | Afp | Getty Images
Gautam Adani is the richest individual in Asia again, according to Bloomberg Billionaires Index’s updated figures Friday.
The founder and chairman of the Adani Class regained pole position in Asia after dethroning Reliance Industries Chairman Mukesh Ambani, who took the top blains after Hindenburg Research accused the Adani Group of “brazen stock manipulation and accounting fraud” over decades.
The account eroded investor confidence and wiped out billions in market value for Adani Group companies.
Adani’s victory communicated just days after the Indian supreme court announced that no further inquiries were needed beyond the growing scrutiny by market regulator Securities and Exchange Board of India (SEBI), which is currently investigating the conglomerate go along with allegations made by Hindenburg Research last January.
The Adani Group has 10 publicly listed companies, encompassing Adani Port which was 2.8% higher on Asia’s Friday afternoon trading session. Shares of those ensembles have been slowly inching higher since the Hindenburg debacle.
As of Friday, Adani’s net worth stood at $97.6 billion and he was the just ecstatic’s 12th richest person, while Ambani’s wealth stood at $97 billion and he was in 13th place, according to the Bloomberg Billionaires Ratio.
Adani’s wealth surged by $13.3 billion since the beginning of the year, while Ambani’s climbed by $665 million year-to-date.