Gautham Adani is a popular person across the globe. This company has its presence felt across the globe in different domains like ports and airports, water, and air. The Adani Group has branches all over the world. Hindenburg told investors to sell shares of Adani, which would be followed by the prohibition of investment in them on grounds of malfeasance in Adani following Hindenburg. Even Hindenburg claimed that they were short-selling almost all Adani stocks.
In the past, Gautam Adani ranked as the second richest man in the world before Hindenburg’s report, which put him ahead of well-known names such as Mark Zuckerberg, Jeff Bezos, Bill Gates, and even Warren Buffett, who owns many Indian stocks like One97 (Paytm).
RephraseAfter publishing that report by Hindenburg, Gautam Adani’s wealth decreased by more than 35%, making him fall underneath Mukesh Ambani as properly. Currently, Gautam Adani is richer than Mukesh Ambani, which means he is now India’s richest character.
It had been several months since the Hindenburg reports emerged, but people eventually started investing in Adani shares again, resulting in returns exceeding 100% within a year. The Adani group also took legal action against Hindenburg, disputing their publication of fraudulent claims seemingly intended only to profit from selling the stocks in the market.
RephraseThe Supreme Court issued a ruling supporting the Adani Group, prompting many individuals to purchase additional Adani company stocks. This resulted in a buying surge for Adani stocks that saw Gautam Adani once more become India’s wealthiest private citizen.
Budget 2024 gave a boost to several stocks of the Adani Group. With plans to produce more solar and renewable energy, Adani Green Energy saw an increase of over 16% in two weeks. Adani ports also benefited, experiencing a surge after the government kickstarted the Blue Revolution.