Gautam Adani returns to top 20 rich list amid stock surge

Gautam Adani, India’s second wealthiest individual, reclaims a spot in the top 20 billionaires globally as all ten listed companies under the Adani Group surged following the Supreme Court's dismissal of the Hindenburg and OCCRP reports as not "credible".

This dismissal, along with the absence of incriminating evidence presented by the markets regulator Sebi, saw Adani's wealth soar by $6.5 billion in a single day, propelling him to the 19th position on the Bloomberg Billionaire Index, with a net worth of $66.7 billion.

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This resurgence follows a setback earlier this year when US-based research firm Hindenburg's report accused Gautam Adani's companies of various wrongdoings, leading to a significant decline in their stock value.

However, the group's stocks surged by $15 billion in a day, marking the most substantial increase since the report's release, led by Adani Enterprises with a 13% rise. Despite this rally, Gautam Adani's net worth remains down by more than $53.8 billion year-to-date.