In a significant turn of events, the Adani family has emerged as India’s wealthiest after the Supreme Court’s ruling on Wednesday. The court’s decision not to intervene in the market regulator’s investigation into stock price manipulation allegations led to a substantial surge in Adani Group’s stocks, contributing to a market capitalization gain of over ₹15 lakh crore.
Gautam Adani’s family, buoyed by these gains, now boasts a net worth of ₹9.37 lakh crore, surpassing Mukesh Ambani of Reliance Industries. Meanwhile, Ambani’s family saw a slight dip in net worth to ₹9.28 lakh crore.
Adani Group Stock Performance:
– Adani Energy Solutions surged by 11.60% to ₹1,183.90.
– Adani Total Gas witnessed a notable increase of 9.84%, closing at ₹1,099.05.
– Adani Green Energy climbed 6% to ₹1,698.75.
– Adani Power’s shares ended 5% higher at ₹544.65.
– Adani Wilmar gained 3.97%, closing at ₹381.05.
The Supreme Court declined to transfer the investigation to a special team or CBI, expressing confidence in SEBI’s ongoing “comprehensive investigation.” The court directed SEBI to conclude pending investigations within three months, highlighting its limited power in regulatory domains.
Billionaire Gautam Adani, responding to the judgment, stated, “The Hon’ble Supreme Court’s judgment shows that truth has prevailed. Satyameva Jayate.”
In contrast, Congress general secretary Jairam Ramesh criticized Adani, stating that “truth dies a thousand deaths” when hearing “Satyameva Jayate” from those who have allegedly manipulated the system.
Adani Group’s stocks rally marks a positive outlook for the conglomerate, reinforcing investor confidence after regulatory scrutiny.
