Billionaire Gautam Adani’s net worth approached $100 billion on Monday as Indian stock markets rallied. Shares in his companies surged up to 18% after exit polls predicted a third term for Prime Minister Narendra Modi. The National Stock Exchange’s Nifty 50 index rose over 3.1%, and the Bombay Stock Exchange’s Sensex index surged 3.3% on Monday. Adani Enterprises, the flagship firm of Adani’s conglomerate, saw its share price rise nearly 6.9% to Rs 3,645 ($44).
Gains across Adani Group
Adani Power soared over 18% before closing 16.4% higher at Rs 880 ($10.60). Other group companies also saw significant gains: Adani Green (6.8%), Adani Ports (9.9%), Adani Transmission (9%), and Adani Total Gas (7.6%).
Boost to net worth
According to Forbes’ real-time tracker, the market rally boosted Adani’s net worth by $8 billion, bringing it to $98 billion. This positions him as the world’s 17th richest person and Asia’s second wealthiest, behind Mukesh Ambani.
Election impact
Voting in India’s six-week national elections ended on Saturday. Exit polls released the same evening forecasted a landslide win for the Modi-led BJP and its allies, predicting over 350 of the 543 parliamentary seats. Official results will be announced on Tuesday. Markets had been jittery over fears of a narrower majority or a hung parliament.
Previous setbacks and recoveries
Last year, Adani’s net worth dropped by over $75 billion after Hindenburg Research accused his companies of stock manipulation and fraud. The issue became a political controversy, with opposition parties questioning Modi’s ties to Adani. Despite these allegations, Modi’s party dismissed claims of shielding Adani. Adani’s fortune also saw a boost in December last year, rising by nearly $11 billion after the BJP’s victories in three key state elections.
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