Adani Family Surpasses Ambanis as India’s Wealthiest After Supreme Court Verdict Spurs Stock Rally
Written by Sanjay Kumar
In a dramatic turn of events, the Adani family has dethroned the Ambanis as India’s wealthiest after a landmark Supreme Court ruling. The decision, which denied intervention in the market regulator’s investigation into alleged stock price manipulation by the Adani Group, triggered a significant surge in Adani’s stocks, contributing to a staggering market capitalization gain exceeding ₹15 lakh crore.
Stocks Rally Boosts Adani’s Net Worth
Following the Supreme Court verdict, Adani Group’s shares experienced a surge of up to 12%, leading to an overall market capitalization gain of over ₹15 lakh crore. Gautam Adani’s family witnessed a remarkable increase in net worth from ₹8.98 lakh crore to ₹9.37 lakh crore, reclaiming the title of India’s wealthiest promoter.
Meanwhile, Mukesh Ambani’s family saw a slight dip in net worth from ₹9.38 lakh crore to ₹9.28 lakh crore during the same period.
Adani Group Stocks Performance
The rally in Adani Group stocks showcased impressive performances across various subsidiaries:
- Adani Energy Solutions surged by 11.60% to reach ₹1,183.90.
- Adani Total Gas witnessed a notable increase of 9.84%, closing at ₹1,099.05.
- Adani Green Energy displayed a solid performance, climbing 6% to ₹1,698.75.
- Adani Power’s shares ended 5% higher at ₹544.65.
- Adani Wilmar experienced a gain of 3.97%, closing at ₹381.05.
- NDTV shares jumped by 3.66% to settle at ₹281.60.
- Flagship firm Adani Enterprises saw a 2.45% increase, closing at ₹3,003.95.
- Adani Ports recorded a 1.39% rise, reaching ₹1,093.50.
- Ambuja Cements shares rose by 0.94% to ₹535.60.
- ACC inched up by 0.10%, closing at ₹2,270.
Supreme Court’s Verdict on Adani-Hidenburg Issue
The Supreme Court’s decision to decline the transfer of the investigation into allegations of stock price manipulation by the Adani Group to a special investigation team or the CBI has been considered a favorable ruling for the conglomerate. The court emphasized its confidence in the Securities and Exchange Board of India (SEBI), stating that SEBI’s ongoing “comprehensive investigation” should be promptly concluded within three months.
Billionaire Gautam Adani, after the judgment, expressed, “The Hon’ble Supreme Court’s judgment shows that truth has prevailed. Satyameva Jayate.”
However, not everyone welcomed the verdict. Congress general secretary Jairam Ramesh criticized Adani, stating that “truth dies a thousand deaths” when hearing “Satyameva Jayate” from those who have allegedly manipulated the system over the past decade.
