Kennith Beer

Adani Surpasses Ambani to Become India’s Wealthiest Following SC-Driven Stock Surge

Adani Surpasses Ambani To Become Indias Wealthiest Following Sc Driven Stock Surge

In a significant turn of events, the Adani family, led by billionaire Gautam Adani, has overtaken the Ambanis to become India’s most affluent family. This development followed a Supreme Court ruling that spurred a rally in Adani Group stocks, leading to a substantial increase in the family’s net worth.

The Supreme Court Ruling and Its Impact

The Supreme Court Ruling And Its Impact

The Supreme Court’s decision not to intervene in the market regulator’s investigation into allegations of stock price manipulation by the Adani Group played a crucial role in this shift. The court’s stance, emphasizing the comprehensive investigation by the Securities and Exchange Board of India (SEBI), boosted investor confidence, resulting in a significant surge in Adani Group stocks.

Adani Group’s Stock Performance

Adani Groups Stock Performance

Following the Supreme Court’s ruling, shares of various Adani Group companies witnessed remarkable growth:

  • Adani Energy Solutions surged by 11.60%.
  • Adani Total Gas increased by 9.84%.
  • Adani Green Energy climbed 6%.
  • Adani Power’s shares rose by 5%.
  • Adani Wilmar gained 3.97%.
  • NDTV shares jumped by 3.66%.
  • Adani Enterprises saw a 2.45% increase.
  • Adani Ports recorded a 1.39% rise.
  • Ambuja Cements shares rose by 0.94%.
  • ACC inched up by 0.10%.

The Shift in Wealth

The Shift In Wealth

This rally in Adani Group stocks led to an overall market capitalization gain of over ₹15 lakh crore. Consequently, Gautam Adani’s family’s net worth increased to ₹9.37 lakh crore, surpassing Mukesh Ambani’s family, whose net worth slightly decreased to ₹9.28 lakh crore.

SEBI’s Ongoing Investigation

Sebis Ongoing Investigation

The Supreme Court’s judgment acknowledged SEBI’s ongoing comprehensive investigation into the allegations against the Adani Group. The apex court directed SEBI to conclude the two pending investigations promptly, preferably within three months. This directive underlines the regulatory body’s role in maintaining market integrity and investor confidence.

Gautam Adani’s Response

File Photo: Indian Billionaire Adani Speaks During An Interview With Reuters At His Office In Ahmedabad

Reacting to the Supreme Court’s judgment, Gautam Adani expressed his satisfaction, stating that the truth has prevailed. His statement, “Satyameva Jayate,” underscores his belief in the judicial process and the principles of truth and justice.

Political and Public Reactions

Political And Public Reactions

The judgment and the subsequent rise in the Adani family’s wealth have elicited mixed reactions. While some view it as a testament to the group’s resilience and business acumen, others, including political figures like Congress general secretary Jairam Ramesh, have expressed skepticism, hinting at manipulation and subversion of the system.

Conclusion

The Adani family’s ascent to become India’s richest, surpassing the Ambanis, marks a significant moment in the country’s corporate history. It reflects not only the dynamism of the Indian market but also the critical role of regulatory bodies and the judiciary in shaping business landscapes. As the Adani Group continues to expand its footprint across various sectors, its journey will be closely watched by investors, policymakers, and the public alike.

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