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Gautam Adani's Stunning Rise Of 4.38 Billion Dollar Jump In A Single Day

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Gautam Adani's Stunning Rise Of 4.38 Billion Dollar Jump In A Single Day

Gautam Adani's Stunning Rise Of 4.38 Billion Dollar Jump In A Single Day

NIWS 3 Jun 2023

Gautam Adani's Stunning Rise Of 4.38 Billion Dollar Jump In A Single Day

Gautam Adani, the chairman and founder of the agitated Adani Group, reclaimed his spot among the top 20 richest individuals on the Bloomberg Billionaires list. The billionaire's net worth raised by $4.38 billion to $64.2 billion on 23 May as the share prices of the companies in the Adani group rose in the stock market. This move propelled Gautam Adani to 18th among the world's richest people, bypassing figures like Jacqueline Badger Mars and Zhong Shanshan.

 

After Hindenburg Research's research on the Adani group, Gautam Adani's net worth notably decreased, and he fell off the top 20 list on 3 February 2023. Adani, who was previously the second-richest person in the world and had an estimated worth of $154 billion in September 2022, is down by $56.4 billion since the year started.

 

Adani Stocks Lock In Upper Circuits

 

 

Since the day before yesterday, the stocks of the Adani Group companies that had been declining over the previous few days have started to reverse. All of the Adani stocks are currently trading in the positive.

 

Shares of Adani Enterprises, ACC, NDTV, Adani Ports, Ambuja Cements, and Adani Total Gas Limited are currently trading in the green. In contrast, Adani Power, Adani Green, and Adani Transmission shares are presently trapped in their upper circuits.

 

Adani Total Gas Shares Rise

On 02 March, trade in the Adani Total Gas stocks resumed after they had been stuck in their lower circuit for the previous 23 out of 25 sessions. Additionally, it increased by more than 2% on 03 March.

 

The company was most severely impacted by the Hindenburg report's criticism of the Adani group. In 24 sessions up to the day before yesterday, it lost 82.5 per cent.

 

Reason For Rebound In Adani Group Stock Prices

 

 

The report's accusations caused the value of Adani Group's equities to drop precipitously.

The equities, however, recovered on Tuesday as a result of news that Gautam Adani intended to pay back or prepay share-backed debts totalling between USD 690 million and USD 790 million by the end of March.

 

The goal of this action is to raise the conglomerate's credit standing. The news was good for the Adani stocks, which had been trending upward.

Investors and analysts who had been worried about the claims made against the research organisation should feel more at ease due to the action.

 

  • Gqg Partners

On Tuesday, Rajiv Jain's GQG Partners expanded their ownership of Adani Enterprises by 10% and announced their intention to continue partaking in future fundraising attempts on behalf of the ports-to-power company. On Tuesday, the holding company's stock price raised by 19%. Other Adani group companies had substantial price increases for their equities due to the bullish trend spreading to them. Notably, Adani Ports was the first business in the Adani group to recover from its losses after the report's release fully. 

 

  • Supreme Court Panel

In addition, a supreme court panel established to look into irregularities in the Adani group that were identified in the short seller's report said it was impossible to determine whether there had been a regulatory failure. The shares of the group rose as a result of this statement. According to a report from Bloomberg on Tuesday, the market value of 10 Adani equities has increased by nearly $22 billion since Thursday's closure due to the firms' advance from Friday on. The value wipeout since the publication of Hindenburg's report is currently estimated to be around $105 billion, down from a peak of up to $153 billion.  

 

Hindenburg Research Report

 

 

Hindenburg Research released a report on the Adani Group on 24 January. It claimed that utilising derivatives traded outside of India and US-listed bonds, Gautam Adani and his brothers had participated in stock manipulation, had influence over a large number of offshore shell companies, and had taken a short position in the Adani Group companies. 

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The research also stated that due to excessive valuations, its seven most influential listed companies had an 85% downside just on a fundamental basis. The corporation has, however, refuted every charge.

 

The apex court published the panel's findings, which, in contrast to what Hindenburg claimed in January, did not identify any regulatory shortcomings with reference to the price orchestration in Adani Group stocks.

 

Although the market regulator, the SEBI, has been given two more months to investigate the matter, the study's first findings were a massive reassurance for Dalal Street investors, and this was indicated in the share prices.

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Most of the Adani Group stocks have recovered most of their losses and appear to come back to their pre-Hindenburg report levels.

 

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