Adani back as Asia’s richest person after stock surge

 
"Indian billionaire Gautam Adani has once again emerged as Asia's wealthiest individual after shares of his sprawling conglomerate posted sharp gains on Friday, adding billions of dollars to his personal fortune in a single trading session."

According to Forbes, Adani's net worth swelled by nearly $2.5 billion in one day, bringing his total wealth to $89.2 billion.

 The jump placed him ahead of fellow Indian tycoon Mukesh Ambani, whose fortune currently stands at $88 billion, and Japanese technology investor Masayoshi Son, the head of SoftBank Group, whose wealth fell to $87 billion following a sharp downturn in Japanese equity markets, says a press release. 

The development carries particular relevance for Bangladesh, where Adani Power �" the conglomerate's power generation arm �" supplies close to 1,500 megawatts of electricity. The supply originates from a 1,600-megawatt coal-fired plant in Jharkhand, in eastern India, which has long been a key source of cross-border power for the country.

Friday's gain was spearheaded by Adani Green Energy, the group's clean power subsidiary, whose shares rose 6.9 per cent on the day. Shares in the conglomerate's transmission, flagship holding, port management and conventional power generation companies also recorded significant gains. Across its six listed entities, the Adani Group's combined market capitalisation has now reached approximately $191 billion.