In a noteworthy shift, the Adani family has surpassed the Ambanis to become India’s wealthiest, propelled by a surge in stocks after a Supreme Court ruling on Wednesday. The court’s decision not to intervene in the market regulator’s investigation into allegations of stock price manipulation by the Adani Group proved to be a catalyst for a substantial uptick in the shares of the conglomerate.
Adani Energy Solutions, in particular, witnessed an impressive surge of 11.60 percent, reaching ₹1,183.90. The favorable ruling acted as a boon for the Ahmedabad-based conglomerate, causing a remarkable upswing of up to 12 percent in the group’s stocks on Wednesday. This surge translated into an overall market capitalization gain exceeding ₹15 lakh crore.
The Supreme Court’s decision not to interfere in the investigation is viewed as a positive outcome for the Adani Group, further solidifying its standing in the market. The significant increase in market capitalization underscores the confidence and optimism among investors in the wake of the ruling.
The Adani family’s ascent to the top of India’s wealth rankings marks a notable development in the country’s business landscape. As the stocks continue to ride high, the aftermath of this ruling is poised to have far-reaching implications, shaping the financial dynamics and market perceptions of the Adani Group in the days to come.