A stocks rally in firms owned by Gautam Adani added $5.6 billion to his net worth last week after India’s top court concluded hearings in a lawsuit where the markets regulator is probing wide-ranging allegations of corporate malfeasance against the conglomerate.
The founder of the Adani Group, whose stocks were battered earlier this year after a bombshell shortseller report in January, now ranks 20th on the Bloomberg Billionaires Index with a $65.8 billion fortune.
Most of this gain was on Tuesday — the first trading day last week after India’s Supreme Court reserved its verdict on the probe saying it won’t take scathing media reports on the conglomerate as the “gospel truth.” The final court ruling is awaited.
