According to the latest figures released by the Bloomberg Billionaires Index on Friday, Gautam Adani has again been named Asia’s richest man.

Adani Group founder and Chairman Mukesh Amanbi lost his top position in Asia when Hindenburg Research accused Adani Group of “blatant stock manipulation and accounting fraud”.

The report has eroded investors’ confidence and destroyed billions in value for Adani Group Companies.

Adani’s win came only days after the Indian Supreme Court announced that no other inquiries were needed beyond the ongoing examination by the market regulator, the Securities and Exchange Board of India.

SEBI is currently investigating Adani following allegations made last January by Hindenburg Research.

Adani Group includes ten publicly traded companies. Adani Port was up 2.8% on Friday afternoon’s Asian trading session. Since the Hindenburg disaster, shares of these companies have slowly been rising.

According to the Bloomberg Billionaires Index, Adani was the 12th richest man in the world as of Friday. Ambani was 13th with a wealth of $97 billion.

Adani’s fortune has risen by $13.3 billion in the year’s first half. Ambani’s is up by $665 million.

Mukesh Ambani beat Savitri Jindal, who was previously the wealthiest person in India. Gautam Adani has recovered most of his wealth in India since 2023 and has the most significant net worth increase.

Gautam’s Adani, the largest net worth increase in the world, grew his net worth by $7.7 Billion dollars within a single day. His overall wealth increased by $13.3 Billion. Ambani has added $10 billion to his wealth this year and is in second place.

Adani-Hindenburg Verdict By Supreme Court

Hindenburg Research released a report in January 2023 accusing the Adani Group and its chairman, Gautam Adani, of financial and corporate fraud. This led to a loss of over $150 billion in the company’s market value.

Adani Group stocks rose after the Supreme Court of India ordered that the local markets regulator conclude its investigation of the conglomerate in three months. The court also said there was no need for further investigations, effectively ending the year-long short-seller saga.

The Supreme Court rejected a SIT investigation even though investigations are ongoing in two of the 24 petitions.

The Supreme Court bench stated that they have “limited” power to interfere with SEBI investigations and referred to the losses suffered by investors due to the report.

Net Worth

The founder of the Adani Group, with a net worth of $100 billion, is now the 12th richest man in the world and the richest Indian or Asian.

He gained $7.67billion from his last position on the list and has amassed $13.3 billion year-to- date (YTD). Adani’s net worth dropped in the first half of last year due to the Hindenburg accusations.

Hindenburg Research (a New York-based short seller) accused the Adani Group in January 2023 of stock manipulation for a long time and accounting irregularities.

Adani Group refuted these claims. Adani Group’s stock price declined after these allegations, resulting in an astonishing drop of up to $69 billion in Adani Group’s fortune.

Source of Wealth

Adani Group of Ahmedabad, headed by Gautam Adani, is a significant infrastructure conglomerate. The company owns India’s most prominent privately owned port and plays a significant role in the global coal trade.

Adani Enterprises (the group’s flagship company) reported revenues totalling $17 billion in the fiscal year ending March 31, 2023.

Gautam Adani’s wealth is mainly derived from owning six publicly traded companies affiliated with the Adani Group.

According to the BBI report, Adani has publicly traded companies such as Adani Enterprises (73%), Adani Green Energy (56%), Adani Ports (66%), Adani Power (70%), Adani Transmission (68%), Adani Energy Solutions (73%), and Adani Total Gas (37%).

Other Indians Among Top 50

RIL’s Ambani has surpassed the wealthiest man in Asia and India to take 13th place with a net worth of $97 billion. Since the last change, he has added $665,000,000 to his wealth.

Shapoor Mistry, with $34.6 billion in his account at number 38, and Shiv Nadar, with $33 Billion at the number 45 spot, round out the top 50 Indians.