Gautam Adani's fortune hits $100 billion again

It took Gautam Adani one year to return to the elite club of people with fortunes above $100 billion.

The Indian mogul has regained much of his wealth after a short-seller attack sent it plunging in early 2023. On Wednesday, Adani's net worth climbed $2.7 billion to $100.7 billion, the highest it's been since Hindenburg Research accused his Adani Group of "brazen" market manipulation and fraud — allegations the Adani Group denied.

Shares of his flagship Adani Enterprises Ltd. rose for an eighth day Wednesday following an earnings report last week that showed a 130% surge in profit. He's now the 12th-richest person in the world, just one spot behind his compatriot, Mukesh Ambani, according to the Bloomberg Billionaires Index. 

While Ambani's fortune hit a record high earlier this month, Adani's is still about $50 billion below its 2022 peak.

It took Gautam Adani one year to return to the elite club of people with fortunes above $100 billion.

The Indian mogul has regained much of his wealth after a short-seller attack sent it plunging in early 2023. On Wednesday, Adani's net worth climbed $2.7 billion to $100.7 billion, the highest it's been since Hindenburg Research accused his Adani Group of "brazen" market manipulation and fraud — allegations the Adani Group denied.

Shares of his flagship Adani Enterprises Ltd. rose for an eighth day Wednesday following an earnings report last week that showed a 130% surge in profit. He's now the 12th-richest person in the world, just one spot behind his compatriot, Mukesh Ambani, according to the Bloomberg Billionaires Index. 

While Ambani's fortune hit a record high earlier this month, Adani's is still about $50 billion below its 2022 peak.

In January, the Supreme Court of India ordered the local markets regulator to conclude an investigation into the group within three months and said no more probes were needed, helping boost shares of Adani Enterprises. 

Adani's rebound — and, more generally, the surge of wealth in India — is happening as global investors increasingly focus on the nation, helping boost stocks. Goldman Sachs Group Inc. and Morgan Stanley are among the banks that have endorsed India as the prime investment destination for the next decade.

Adani, 61, dropped out of college to try his luck in Mumbai's diamond industry in the early 1980s before turning to coal and ports. His empire has since expanded into everything from airports to data centers, media and green energy, focusing on areas that Prime Minister Narendra Modi deems crucial to meeting India's long-term economic goals. At its peak, Adani's fortune reached $150 billion and he ranked the third-richest person in the world.

After losing more wealth than anyone in 2023, Adani has regained $16.4 billion this year for one of the biggest advances among the super-rich tracked by Bloomberg.

Disclaimer: This article first appeared on Bloomberg, and is published by special syndication arrangement.