Gujarat’s most affluent individual has now risen to become India’s second wealthiest person, right after Mukesh Ambani. A few months after the significant impact caused by Hindenburg Research’s accusations against the Adani Group, there’s news that Gautam Adani’s family has sold a considerable portion of their ownership in Adani Power. This ownership reduction amounts to 8.1 percent and is valued at a staggering Rs 8700 crore.

Up until now, a company owned by Rajeev Jain has injected a substantial sum of Rs 35000 crore into the Adani Group. These investments were made in various firms under the Adani Group, including Adani Enterprises, Adani Green, Adani Transmission, Adani Ports, and Ambuja Cements.

Rajeev Jain’s company decided to sell off these shares through secondary transactions. Interestingly, these shares weren’t directly purchased from the Adani family themselves. A significant chunk of the shares, roughly half, was acquired by GQG for Rs 4240 crore. The remaining 4.2 percent was reportedly procured from the secondary market.

Before the Hindenburg Research report emerged, the Adani Group boasted a market capitalization of Rs 19.2 lakh crore. However, the release of the report triggered a sharp decline in its value. By March 2, the market capitalization had plummeted to Rs 7.9 lakh crore. Yet, with the entry of GQG Partners as investors, the group experienced a recovery. On June 28, the market capitalization rebounded to Rs 10.3 lakh crore.

It’s noteworthy that Rajeev Jain, originally from India but now residing in the USA, had previously invested a substantial sum of Rs 15446 crore in Gautam Adani’s four companies: Adani Enterprises, Adani Green Energy, Adani Ports, and SEZ, and Adani Transmission. This investment, made on March 2, saw remarkable growth, with the value of the shares reaching Rs 23,129 crore by May 22. This represented a 50 percent surge from the initial investment.

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The timing of Jain’s investment was significant. At the time of his investment, the Adani Group was grappling with allegations from American short-seller Hindenburg, who accused the group of stock manipulation and financial misconduct. The group vehemently denied these allegations, but the aftermath saw a decline in their stock values and Gautam Adani’s personal wealth. A panel appointed by the Supreme Court later stated that it found no concrete evidence of wrongdoing by the conglomerate.

Gautam Adani, who holds the distinction of being India’s second-richest individual and the wealthiest person in Gujarat, serves as the chairman of the Adani Group. The company, established in 1988 initially as a commodities trading firm, now commands a revenue of $32 billion. Gautam Adani’s personal net worth is an impressive Rs 4,34,600 crore.

Born on June 24, 1962, in Gujarat, Gautam Adani’s background includes a father who was a textile merchant and seven siblings. Interestingly, he did not complete his college education.