Gautam Adani reclaims the tile of Asia's richest person dethroning Mukesh Ambani
Business
Adani becomes the Asia's richest man with the net worth of 97.6 billions.
(Web Desk) - The founder of Adani Group, Gautam Adani, becomes Asia’s wealthiest person, with a net worth of $97.6 billion, overtaking Mukesh Ambani.
Based on the most recent data released by the Bloomberg Billionaires Index on Friday, the business magnate has surpassed his competitor to take back the title of richest man in Asia.
With a net worth of $97.6 billion as of Friday, Adani is the 12th richest person in the world, and Ambani is ranked 13th with $97 billion.
Compared to the beginning of the year, Mr. Ambani's fortune has climbed by $665 million, while Adani's wealth has increased by $13.3 billion.
Adani's triumph follows the Supreme Court of India's decision to rule that the Securities and Exchange Board of India (SEBI), the country's market regulator, does not need to conduct any additional inquiry.
Over several decades, the Adani Group was accused of "brazen stock manipulation and accounting fraud" in a damning report released by Hindenburg Research.
According to the report, Adani has built a net worth of around $120 billion, with over $100 billion added in the last three years, primarily due to increases in the stock prices of the group's seven major listed firms, which have increased by an average of 819% during that time.
The study destroyed billions of dollars' worth of market value for Adani Group companies and undermined investor trust.
Adani announced his victory in his case by posting on X, formerly Twitter, "The honourable supreme court's judgement shows that truth has prevailed. I am grateful to those who stood by us. Our humble contribution to India's growth story will continue."
