Gautam Adani's wealth rises by $5.6 billion amid market rally

Billionaire Gautam Adani added $5.6 billion to his net worth last week after shares of his companies rallied following the Supreme Court hearing on Hindenburg report-related matter, Bloomberg report said.

The business tycoons' wealth eroded early this year after a US-based short seller alleged wide-ranging corporate malfeasance against billionaire Adani Group in its 24 January report.

After the Court's order, the industrialist ranks 20th on the Bloomberg Billionaires Index with a $65.8 billion fortune.

Additionally, Adani Group stocks added about $9.8 billion in market value on Monday.

The surge in stock was part of Nifty 50 and Sensex scaling new highs as market investors cheered a victory by Prime Minister Narendra Modi’s party in three state elections.

On Monday, at 9.30 am, the Sensex was up over 1,000 points, or 1.5%, at 68,525 and the Nifty was up over 300 points, or 1.5%, near 20,600. Shares of flagship firm Adani Enterprises jumped 7.8% while those of Adani Green Energy jumped 8.43%. Shares of Adani Total Gas clocked a gain of 4.56%.

Shares of Adani Power surged 5.35% while shares of Adani Wilmar rose 2.59%, and Adani Ports shares rose 6.10% at 1:20 pm on Monday.