Gautam Adani's fortune has soared by $13 billion over the last two trading sessions after India's markets regulator dismissed parts of a high-profile case against his conglomerate, boosting investor confidence more than two years after US short-seller Hindenburg Research made the explosive allegations.
As Adani stocks rallied over the sessions on Friday and Monday, the 63-year-old's net worth rose to $95.7 billion — a jump of 21.6% this year, according to the Bloomberg Billionaires Index. That included an $8.3 billion increase on Monday alone. Adani is now within striking distance of the $98.6 billion wealth pile of Mukesh Ambani, Asia's richest person.
The share rally started after the Securities and Exchange Board of India issued two regulatory orders late on Thursday saying that there was no evidence of the Adani Group using the so-called related party transactions to route funds into its listed units.
The euphoria also spilled into the options market as upbeat wagers on Adani Green Energy Ltd. hit record highs, while flagship Adani Enterprises Ltd. logged its strongest bullish activity in nearly two years.
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