On June 3, Adani Group companies surged on the Mumbai stock exchange, with all 10 stocks seeing an increase. This was due to predictions that Prime Minister Narendra Modi’s party would win the general election ending that weekend. The largest increases were seen in Adani Power and Adani Ports & Special Economic Zone at 16% and 10%, respectively. As a result, the total market capitalization of Adani Group reached nearly 20 billion USD, totaling 234 billion USD.
Gautam Adani, founder of Adani Group and its chairperson at the age of 61, has regained the title of richest person in Asia from Mukesh Ambani as of June 3rd. His assets totaled $122 billion USD on June 4th, which was $7 billion USD more than Ambani’s assets. Despite facing allegations of financial fraud and stock market manipulation by Hindenburg Research in January 2023, investigations by India’s Securities and Exchange Commission did not find evidence of market manipulation.
Adani Group is a major player in India’s airport operation and controls Mundra Port, the country’s largest port. The conglomerate has expanded its operations under Prime Minister Modi’s administration into infrastructure, green energy, defense, and digital services through mergers and acquisitions. In 2024, Adani has seen a significant increase in assets since the beginning of the year by $38 billion USD.
