Adani Family Takes Over Ambanis As India’s Richest After Supreme Court Verdict On Hidenburg Report

On Wednesday, the Supreme Court refused to intervene in the market regulator’s investigation into allegations of stock price manipulation by the Adani Group.  This was in the view of the year long controversy triggered by a Hidenburg Research’s allegations of stock manipulation upon the Ahmedabad-based conglomerate.Hours after the verdict, the Adani Group’s stocks soared by up to 12 percent contributing gain of over Rs15 Lakh Crore. As a result of the gain, Gautam Adani’s family overtook Mukesh Ambani of Reliance Industries and reclaiming the title of India’s Wealthiest Promoter. 
As of Wednesday, the net worth of the Gautam Adani family increased to Rs.9.37 lakh crore up from Rs.8.98 lakh crore a day earlier. In comparision, the net worth of the Mukesh Ambani family slightly decreased to Rs 9.28 lakh crore from Rs 9.38 lakh crore during this period.