Adani’s companies experienced a robust rally across all ten stocks following the Supreme Court‘s remarks on the market regulator Sebi’s investigation into the Adani Group, which significantly bolstered investor interest in these stocks.
The collective market cap of all Adani Group stocks surged by more than Rs 33,000 crore on Wednesday, reaching Rs 11.6 lakh crore, the report said. Adani stands as the second wealthiest Indian on the list, trailing Mukesh Ambani, who has a total net worth of an estimated $89.5 billion.
Adani-Hindenburg case: SC reserves judgment, says no reason to discredit SEBI
Earlier this year, Adani’s ranking had slipped below the 25th position due to the fallout from the Hindenburg research report. Friday’s Supreme Court observations indicated no cause to question the market regulator’s probe against the Adani Group.
The Supreme Court has said it doesn’t have any basis to question the actions of the market regulator and emphasized that it doesn’t have to regard the Hindenburg report’s claims as absolute truth. SC asserted it cannot ask a statutory regulator to take as “gospel truth” media-published information.
The bench headed by Chief Justice D Y Chandrachud asked Sebi about its plans to safeguard investors from market volatility or short-selling. It highlighted that the court couldn’t set up a special investigation team (SIT) independently without substantial evidence.
The Bloomberg Billionaire Index monitors the net worth of the world’s top 500 wealthiest individuals, with Elon Musk, Jeff Bezos, and Bernard Arnault securing the top three slots. Alongside Adani and Ambani, 20 other Indians feature on this list, including Shapoor Mistry, Shiv Nadar, Savitri Jindal, Azim Premji, Radhakishan Damani, and Uday Kotak, among others.