New Delhi. The shares of listed companies of billionaire businessman Gautam Adani's Adani Group have seen a sharp rise in the recent past and have reached the level before the report of American short seller Hindenburg. Along with investors, Gautam Adani also benefited a lot from this and he has once again become the richest person in Asia (Gautam Adani richest person in Asia). He has left behind Reliance Industries (RIL) owner Mukesh Ambani.

Adani is the 11th richest person in the world

According to the Bloomberg Billionaires Index report, Gautam Adani is now the 11th richest person in the world with a net worth of $111 billion. At the same time, Ambani is ranked 12th with a net worth of $109 billion. Shares of all Adani Group companies rose by up to 14 percent on Friday (May 31). American brokerage Jefferies is quite bullish on the Adani Group, which has planned a capital expenditure of $90 billion over the next decade.

efferies' stance boosted investors' morale and they bought Adani Group companies heavily. This increased the market cap of 10 listed companies of Adani Group by Rs 84,064 crore to Rs 17.51 ​​lakh crore. This helped first-generation entrepreneur and Adani Group owner Gautam Adani to overtake Mukesh Ambani. Ambani is currently on a cruise in Europe for the second pre-wedding celebration of his youngest son Anant.

Adani crowned for the second time

This is the second time 61-year-old Gautam Adani has become Asia's richest man. Earlier this crown was on his head in 2022. But in January 2023, his huge empire of $21 billion got a setback due to the negative report of American short seller Hindenburg Research. Hindenburg alleged that the Adani Group built its empire through fraud.

Adani Group completely rejected all the allegations of Hindenburg Research. But, Hindenburg's report shook the confidence of investors and they started selling Adani Group's shares. Many listed companies of the group hit lower circuits continuously. This also affected Gautam Adani's wealth and he lost the title of Asia's richest person.

How did Adani recover from the shock of Hindenburg?

To recover from the damage caused by the Hindenburg Research report, the Adani Group adopted a solid strategy. This included reducing debt, reducing the founder's pledged shares and strengthening its core business. This strategy worked well, as the Adani Group has posted record earnings in the financial year ended March 31, 2024.

Gautam Adani also became the richest person in Asia in 2022 by surpassing Reliance's Mukesh Ambani. When his wealth decreased, Mukesh Ambani again became the richest person in Asia. But, Gautam Adani has once again overtaken Mukesh Ambani in terms of wealth. He also became the richest person in Asia for some time earlier this year. But, this time he has strengthened his position further.

What does Gautam Adani's group do?

The Adani Group owns several airports in India, the country's largest private sector port, media giant New Delhi Television, the largest renewable energy firm, data centers and many other holdings. According to the Bloomberg Billionaires Index, Adani's total wealth has increased by $ 26.8 billion so far in 2024. At the same time, Ambani's wealth has increased by $ 12.7 billion.

Last week, Gautam Adani said in the annual report of the group companies, "The road ahead is full of extraordinary possibilities. The Adani Group is stronger today than ever before. I assure you that its best days are yet to come."