Gautam Adani reclaims Asia's richest person title
The significant rise in Adani Group stocks has been a key factor in Adani's overtaking of Ambani, wrote NDTV.
Indian billionaire Gautam Adani has reclaimed the title of Asia's richest person, surpassing Reliance Industries chairman Mukesh Ambani by $2 billion, according to the Bloomberg Billionaires Index.
As of 6om today (1 June), Adani, the chairman of Adani Group, holds the 11th spot on the index with a net worth of $111 billion, compared to Ambani's $109 billion, reports NDTV citing Bloomberg data.
The significant rise in Adani Group stocks has been a key factor in Adani's overtaking of Ambani, wrote NDTV.
Keep updated, follow The Business Standard's Google news channel
On Friday, shares of all Adani Group companies surged following a report by Jefferies highlighting the group's aggressive expansion plans, including $90 billion in capital expenditures over the next decade.
The market reacted positively, with Adani Group stocks adding up to ₹1.23 lakh crore in investor wealth, bringing their total market capitalisation to ₹17.94 lakh crore intraday. By the close of trading, the market capitalisation had settled at ₹17.51 lakh crore, with an addition of ₹ 84,064 crore in value.
Earlier this week, Gautam Adani expressed optimism about the future of the Adani Group, emphasising that the company's best days are ahead following a robust recovery from a dual assault by US short-seller Hindenburg.
In the annual report, Adani highlighted the challenges the group faced last year, noting that overcoming them has strengthened their resolve and drawn inspiration from India's resilience.
"The road ahead is paved with extraordinary possibilities, and I can promise you that the Adani Group today is stronger than it has ever been," he said.
