Billionaire Gautam Adani has overtaken Mukesh Ambani to reclaim the tag of richest Indian, driven by a surge in the ports-to-power conglomerate's shares after the Supreme Court rejected demand for a new probe into Hindenburg allegations.
Adani had a net worth of $97.6 billion as of 9:30 a.m. on Friday, according to Bloomberg Billionaires Index. Ambani was at $97 billion at the time. Globally, Adani ranks 12, making him also the Asia's richest man. Ambani stands a spot lower at 13.
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The surge in group stocks has again taken Adani ahead of Ambani again. The latest rally is driven by Supreme Court reposing faith in SEBI's probe in the Adani-Hindenburg saga, saying that no fresh investigation is needed into the short seller's allegations.
The group's aggressive growth $100-billion spending plan, the U.S. government's backing for its port project in Sri Lanka and overall market sentiment after the BJP's win in the three Hindi belt states also contributed to the rally.
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