Adani Group stocks have surged on June 3, propelling Gautam Adani back to the top spot in Asia’s richest list. The Bloomberg Billionaire Index reported that Gautam Adani reclaimed the top position with assets totaling 122 billion USD, surpassing Mukesh Ambani by 7 billion USD.
The surge in stock prices was attributed to positive polling results indicating a potential win for Prime Minister Narendra Modi’s party in the general election. All 10 stocks of Adani Group companies saw gains on the Mumbai stock exchange, with Adani Power and Adani Ports & Special Economic Zone leading the way with increases of 16% and 10% respectively. This led to a total increase in Adani Group’s market capitalization to 234 billion USD.
Founded by Gautam Adani in 1988, Adani Group started off in commodities and has since expanded its operations through mergers and acquisitions, aligning with the priorities of Prime Minister Narendra Modi’s government in infrastructure, green energy, defense, and digital services. The group is a major player in India’s airport operations and controls Mundra Port, the largest port in the country. It also has investments in power transmission and green energy sectors.
Despite facing accusations of financial fraud and stock market manipulation in the past, Adani Group has consistently denied these allegations. Following investigations by the Securities and Exchange Commission of India and the country’s Supreme Court, the group was cleared of any wrongdoing, allowing it to continue operations and restore trust.
In recent years, Gautam Adani has been recognized as one of Asia’s most successful business leaders. In 2023, he briefly held the title of Asia’s richest man and the third richest person globally, with assets totaling 150 billion USD. Since then, his assets have increased by 38 billion USD
