Gautam Adani Closes In On Asia's Richest Crown With $13 Billion Gain

Gautam Adani's net worth has surged by $13 billion during the last two trading sessions

The fortune of Gautam Adani has experienced a remarkable $13 billion increase over the past two trading sessions following India's market regulator's dismissal of significant allegations against his business empire. This development has substantially boosted investor confidence more than two years after American short-seller Hindenburg Research published its damaging allegations.

As Adani company stocks surged during Friday and Monday trading sessions, the 63-year-old businessman's net worth climbed to $95.7 billion - representing a 21.6% increase this year, according to Bloomberg Billionaires Index. Monday alone contributed an $8.3 billion gain. Adani is now approaching the $98.6 billion fortune of Mukesh Ambani, currently holding the title of Asia's wealthiest individual.

The stock rally was triggered when the Securities and Exchange Board of India released two regulatory orders late Thursday stating that no evidence existed of the Adani Group utilizing related party transactions to channel funds into its publicly listed companies.

Nevertheless, investigations into the group continue. SEBI is examining other issues highlighted by Hindenburg and may issue additional orders against the conglomerate and its chairman. Additionally, a bribery case filed by the US Department of Justice last year remains unresolved.

Despite ongoing regulatory uncertainties, investors eagerly purchased Adani stocks, generating heavy trading activity across the group's listed entities, with numerous large block transactions occurring on Monday.

The market enthusiasm extended to the options market, where bullish bets on Adani Green Energy Ltd. reached historic highs, while the flagship Adani Enterprises Ltd. experienced its strongest positive trading activity in nearly two years.