The Adani group of firms’ overall market capitalisation on the BSE at over ₹ 22 lakh crore makes it the most valued in India, overtaking the Tata-led conglomerate.
Based on Friday’s close, the market valuation of all BSE listed stocks of Adani Group, totalling nine firms, including the recently acquired Ambuja cement and ACC LTD, stood at over ₹ 22 lakh crore, surpassing 27 of Tata Group of firms listed with a market capitalisation (market cap) of more than ₹ 20 lakh crore.
Mukesh Ambani’s group of nine companies stood third on the list with a market capitalisation of more than ₹ 17 lakh crore.
That reflects a broader run-up in Adani stock, which pushed Gautam Adani to become the third richest in the world on the Forbes list of billionaires, overtaking Amazon founder Jeff Bezos, and behind Elon Musk and Louis Vitton’s Bernard Arnault.
While Mr Adani, with a net valuation of $154.7 billion currently, briefly surpassed Louis Vitton’s Bernard Arnault, a bloodbath in domestic stocks on Friday pushed him back to No. 3 on the Real-Time Billionaires List compiled by Forbes.
That is largely driven by the wealth erosion of American billionaires from the recent market crash on expectations for a very aggressive Federal Reserve after a red-hot inflation reading.
Still, Elon Musk remains the richest person, with a net worth of $273.5 billion.
Gautam Adani’s rise in wealth is also more a measure of a jump in the valuation of stocks rather than the result of a rise in fundamentals, such as earnings and growth, with many of the entities’ shares controlled by him rising sharply.
Still, Gautam Adani’s ascent, by about any measure, has been nothing short of remarkable.
