India's richest see fortunes surge, Adani tops gains
What's the story
India's top billionaires have witnessed a major recovery in their wealth, according to data analyzed by Moneycontrol. The recovery comes on the back of a broader market rebound, driven by easing geopolitical tensions around the US-Iran-Israel conflict. However, rising crude oil prices continue to remain a concern for the Indian economy.
Top gainer
Adani Group's Gautam Adani tops the list
Gautam Adani, the founder of the Adani Group, has witnessed the biggest recovery in wealth. His fortune has jumped over 46% from its March low of $70 billion to $103 billion. The rebound was mainly due to a sharp rise in group stocks such as Adani Green Energy (up 52%), Adani Power (up 47%), and others.
Wealth boost
Ravi Jaipuria and Radhakishan Damani also see significant gains
Ravi Jaipuria, founder and chairman of RJ Corp, has seen his wealth improve over 31% from its March low to $12.5 billion. This was largely driven by a 34% jump in his Gurugram-based subsidiary Varun Beverages' stock. Radhakishan Damani, who controls Avenue Supermarts, also saw his fortune rise 24% to $19 billion from its March low of $15 billion.
Wealth surge
Inder Jaisinghani, KP Singh also benefit from market rebound
Inder Jaisinghani, chairman and managing director of Polycab, India's largest wires and cables manufacturer, saw his wealth jump nearly 17.4% from its March low. Meanwhile, KP Singh of DLF, the country's richest property developer, witnessed a 16% increase in his fortune during the same period. Lakshmi Mittal, chairman of ArcelorMittal, the world's largest steelmaker outside China, and Kumar Mangalam Birla, chairman of Aditya Birla Group, each saw their wealth recover by 14%.
Wealth rebound
Savitri Jindal's wealth also witnessed a 13% jump
Savitri Jindal, India's richest woman and controller of OP Jindal Group also witnessed a 13% improvement in her fortune during this period. Other billionaires like Rahul Bhatia, co-founder of IndiGo, Uday Kotak, former MD of Kotak Mahindra Bank and Sudhir Mehta, chairman of Torrent Group each witnessed a wealth rise of around 9% from the March lows.
Wealth dip
Shiv Nadar, founder of HCL Technologies, witnessed a 6% erosion
Not all billionaires saw a recovery in their wealth during this period. Shiv Nadar, founder of HCL Technologies, witnessed a 6% erosion in his fortune. The decline came after HCL Technologies stock witnessed a sharp selloff following its March quarter earnings and weak revenue guidance for FY27.