Gautam Adani Overtakes Mukesh Ambani As India’s Richest As Net Worth Soars

After a roller-coaster ride on the wealth rankings last year, Gautam Adani is back to being Asia’s wealthiest person days after Supreme court said no new probes were needed into Hindenburg Research’s bombshell allegations against the tycoon’s conglomerate.

Mr Adani’s net worth rose $7.7 billion in a day to $97.6 billion, reclaiming the top spot in the region from Indian compatriot Mukesh Ambani, according to Bloomberg Billionaires Index. Mr Ambani, chairman of Reliance Industries Ltd., was trailing by a narrow margin with a net worth of $97 billion, the index shows.

The comeback of the first-generation entrepreneur, who started off as a diamond trader in the 1980s, caps an eventful year for Mr Adani’s ports-to-power conglomerate. Despite denying Hindenburg’s allegations of corporate fraud, the Adani Group lost more than $150 billion in market value at one point last year and spent months wooing back investors, lenders, repaying debt and assuaging regulatory concerns.