A Rs 3.14 lakh-crore jump in Adani’s fortune is fraught with many risks
A rally in the stocks of companies controlled by Indian billionaire Gautam Adani has added almost Rs 3.14 lakh crore ($43 billion) to his wealth this year, catapulting him to the spot of the second-richest person in Asia. Some analysts say the gains are fraught with risk.
Adani’s net worth of Rs 5.6 lakh crore ($76.7 billion) got a boost from a 330 per cent jump in Adani Total Gas Ltd., a 235 per cent rise in his conglomerate’s flagship Adani Enterprises Ltd. and a 263% increase in Adani Transmission Ltd. this year. Adani group stocks, especially these three, “look extended,” Bloomberg Intelligence analysts Gaurav Patankar and Nitin Chanduka wrote in a June 10 note after analysing technical indicators.
