Gautam Adani's wealth crosses $70 billion as share market rallies after BJP wins 3 states

Market rally: Adani's wealth has gone past the $70 billion mark due to the ongoing rally in Adani group shares. This comes in line with the market's gains following BJP's win in the three states election.

Adani gets richer

With this Adani is now the 16 richest person in the World, as per Bloomberg Billionaire index. On Monday, Gautam Adani saw an increase in his wealth by $4.41 billion. On Tuesday during the early trade the group shares soared up to 14%.

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On Tuesday, shares of Adani Green Energy Ltd soared 14%, followed by Adani Enterprises Ltd (up 8.2%), Adani Ports (up 7.3%) and New Delhi Television Ltd (up 5.7%). Others group stocks such as as Adani Power Ltd, Adani Total Gas Ltd, Adani Wilmar Ltd, Adani Energy Solutions Ltd, Ambuja Cements and ACC advanced 4-6%

Investors gain confidence

Experts have mentioned that the result has boosted investor confidence on hopes of the Narendra Modi-led BJP will retain power in general elections next year. The investors believe this could ease uncertainty over political stability.

Elara Securities believe the state elections results would ease market concerns about policy instability and shake-up in policy priorities of the BJP at the Centre in terms of Atmanirbhar Bharat, infrastructure spending, defence indigenisation and energy transition