A billionaire, Gautam Adani has become Asia's wealthiest individual once again, overtaking Mukesh Ambani, the chairman of Reliance Industries.
According to the Bloomberg Billionaires Index, on Saturday, June 1 at 6 PM, Mr. Adani, who chairs the Adani Group, holds the 11th spot on the index with a net worth of $111 billion, compared to Mr. Ambani's $109 billion.
The significant rise in Adani Group stocks played a major role in Mr. Adani surpassing Mr. Ambani.
This news was well received by the market, with Adani Group stocks collectively adding ₹1.23 lakh crore in investor wealth, bringing their total market capitalization to ₹17.94 lakh crore intraday.
By the close of trading, the market capitalization settled at ₹17.51 lakh crore, with an addition of ₹84,064 crore in value.
Earlier in the week, Gautam Adani expressed optimism about the future of the Adani Group, stating that the company's best days are ahead following a robust recovery from challenges posed by US short-seller Hindenburg.
In the annual report, Mr. Adani acknowledged the group's challenges from the past year, noting that overcoming them has strengthened their resolve and drawn inspiration from India's resilience.
He said, “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.”
Moreover, the Bloomberg Billionaires Index is a daily ranking of the world's wealthiest individuals, updated at the close of each trading day in New York.
