The Supreme Court’s seemingly favorable verdict on the PIL against Adani revitalized shares of the companies of the Adani conglomerate, effectively adding to the net worth of the billionaire’s family. The Indian power-to-ports behemoth added a market cap gain of over Rs 15 lakh crore as the stocks pumped to 12 percent following the pronouncement of judgment on Wednesday. According to Business Standard’s report, the Adani family’s net worth increased to Rs 9.37 crore from Rs 8.98 lakh crore on the day. While that of the Ambani family, the net worth decreased to Rs 9.28 lakh crore from Rs 9.28 crore. The report declared Adani’s family taking over the Ambani family as the richest in India.
#Adani family overtakes Ambanis as India’s richest after SC ruling spurs stocks rallyhttps://t.co/kzAIvXOq4o pic.twitter.com/gAH1KlB5QN
— Hindustan Times (@htTweets) January 4, 2024
#Adani group companies gain Rs 64,500 crore in market cap following #SupremeCourt judgment on #Hindenburg report.@KantKrishna30 https://t.co/jt6XI37Tnd
— Business Standard (@bsindia) January 4, 2024
However, both the Forbes Real Time Billionaires Index and Bloomberg Billionaires Index show Ambani comfortably ahead of Adani at the moment. On the Forbes list, Mukesh Ambani is ranked 12th with a net worth of $100.4 billion, while Gautam Adani, at 16, has a net worth of $77.3 billion. On Bloomberg’s index, Adani ranked 14, has a net worth of $89,9 billion, while Reliance boss is ahead of him at 12th position with $96.2 billion. This gap might soon close with Adani’s surging net worth.
On Wednesday, a Supreme Court bench led by Chief Justice DY Chandrachud trashed the PIL to transfer the ongoing SEBI investigation into Adani to SIT. The apex court also rejected the reliance on the report of the Organized Crime and Corruption Reporting Project (OCCRP). Mr. Adani tweeted ‘Satyameva Jayate’ after the court’s ruling.
Supreme Court judgment Adani-Hindenburg Row
– power of SC to enter regulatory domain of SEBI in framing delegated legislation is limited
– no valid ground invoked for us to direct SEBI to revoke its regulations
– probe to be completed by SEBI in 3 months given SG’s assurance… pic.twitter.com/sumU1DdQ2b
— Bar & Bench (@barandbench) January 3, 2024
See Also: Supreme Court’s Verdict On Adani Over Hindenburg Allegations Triggers Netizens: ‘Yeh Toh Hona He Tha’
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