The stellar run in stocks of Adani Group companies on May 23, following the release of the Supreme Court-led committee's investigation report, has turned Gautam Adani richer by a whopping USD 8.5 billion in a single day.

As per Forbes, Gautam Adani's net worth hit USD 55 billion on May 23, 2023. On the list of the richest people in the world, Adani is now ranked 24th. Adani briefly surpassed Jeff Bezos of Amazon to become the second-richest person in the world in September of last year.

The apex court released the panel's report last week. Contrary to what Hindenburg said in late January, the investigation found no regulatory flaws with regard to the price manipulation in Adani group equities.

The American short-seller called it the largest con in corporate history and expressed concerns about the conglomerate's high debt and costly valuations, as well as dubious accounting and corporate governance practises.

Although the Securities and Exchange Board of India (SEBI), the market regulator, has been allowed an additional two months to look into the situation, the first conclusions in the study were a huge relief for Dalal Street investors and were reflected in the share prices.

The second boost to the Adani shares came from GQG Partners, a recent investor. Rajiv Jain, an NRI investor, owns a stake in the Adani Group that has increased by around 10%.

This comes after the company made a risky contra bet more than a month ago when it invested more than Rs 15,000 crore in Adani stocks during the height of the Hindenburg-led collapse.

Adani Enterprises shares were the biggest gainers in the group, rising more than 13% to Rs 2,633.70. Shares of the flagship company of the Adani Group have actually increased a staggering 159% since their One-Year-low following the release of the Hindenburg report.

Adani Ports and Special Economic Zone shares were the first among the group to begin to retrace their steps towards levels reached before the release of the Hindenburg report. Like Adani Enterprises, the bulk of the other group stocks have recovered the majority of their losses and appear poised to return to their pre-Hindenburg report levels.

The Supreme Court's expert committee submitted its report in the Adani-Hindenburg case, know what it said?

What did the SC's expert committee say after examining the Adani-Hindenburg case that created so much hue?

Adani-Hindenburg Case: SC panel says No violation of rules, price manipulation of stocks