Gautam Adani Reclaims Title as Richest Person in Asia After Supreme Court Announcement

Gautam Adani

Gautam Adani regained his position as the richest person in Asia, days after the Supreme Court of India announced that there was no need to open new investigations into the allegations of the “Hindenberg Research” company against the business conglomerate of the Indian business tycoon.
Adani’s net worth increased by about $7.7 billion in one day to $97.6 billion, regaining his lead among the continent’s richest people, which Indian Mukesh Ambani had snatched from him, according to the Bloomberg Billionaires Index.
The index shows that Ambani, Chairman of Reliance Industries, narrowly fell behind Adani to $97 billion, according to a Bloomberg report.
The businessman’s return to the top of the rankings in Asia comes as the culmination of an eventful year for the Adani Group, whose business extends from ports to energy.
Although Hindenburg has denied allegations of corporate fraud, Adani Group lost more than $150 billion in market value at one point last year and has spent months trying to re-attract investors and lenders, repay debt and allay regulatory concerns.
Adani Group shares rose after the Supreme Court in India this week ordered the local markets regulatory authority to end its investigation into the group within three months.
She said that there was no need to conduct further investigations, effectively putting the end to the Hindenburg allegations crisis that had lasted for nearly a year.

2024-01-06 16:44:03
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