The Adani family has surpassed Mukesh Ambani to regain the title of India’s richest family according to recent estimates, thanks to a significant rally in stocks of companies owned by billionaire Gautam Adani. The rally was spurred by a Supreme Court ruling this week regarding ongoing investigations into allegations against the Adani Group.
On Wednesday, shares of multiple Adani companies jumped dramatically after the Supreme Court declined to transfer investigations of possible stock price manipulation to another agency. The court said it had confidence in the regular investigations already underway by the Securities and Exchange Board of India (SEBI).
Some of the largest stock increases on Wednesday included gains of 11.6% for Adani Energy Solutions and 9.84% for Adani Total Gas. Adani Green Energy rose 6% and Adani Power gained 5%. Across its various companies, the Adani Group saw an overall market value increase of over ₹15 lakh crore for the day.
As a result of the stock rally, estimates show the total wealth held by the Gautam Adani family jumped to around ₹9.37 lakh crore. In comparison, Mukesh Ambani’s family wealth declined slightly to around ₹9.28 lakh crore. This means the Adani family has taken back the top spot as the richest family in India from the Ambanis.
The Supreme Court ruling was seen as favorable by analysts as it allowed the regular investigations already underway at SEBI to continue without transferring them. The court said newspaper reports or reports by outside groups were not enough to doubt SEBI’s expert handling of the cases.
Politicians have also reacted to the ruling, with Congress leader Jairam Ramesh criticizing some of Adani’s comments made after the decision. However, Adani said the ruling showed that “the truth has prevailed.”
SEBI now has up to three months to finish its remaining two probes regarding the Adani Group allegations. The market regulator has already completed investigations in 22 of 24 total cases against various Adani companies over the past years.
It remains to be seen if any regulatory action results from the concluded or pending investigations. But for now, the Adani family solidifies its position as the wealthiest in India thanks to Wednesday’s stock market surge set off by the Supreme Court’s decision. Whether their fortune continues to rise or declines further will depend on future performance of their companies and any findings from SEBI.
