Days after getting a legal respite from the Supreme Court over the allegations raised by Hindenburg report about the irregularities in his firm, Indian business tycoon Gautam Adani has on Friday - January 5 surpassed his rival Mukesh Ambani and has become the richest person in India. Both the billionaires have been on a neck-and-neck battle and Adani is now leading Ambani in a razor-thin margin. 

Gautam Adani, who is the chairman of Adani Group, has been alleged to have an intimate relationship with Prime Minister Narendra Modi and under the Modi regime, Adani's net worth had surged at a skyrocketed pace. Both of them had been overtaking each other in the rankings of Indian billionaires and when a Hindenburg report exposed a slew of irregularities in Adani's firm last year, Adani's fortune plummeted rapidly as he plunged in the ratings.

After witnessing a tumultuous 2023, Adani is back to the top as he begins a New Year with a splash. With a new rating, Adani has indeed become the wealthiest person not only in India but also in the Asian continent.  According to the Bloomberg Billionaires Index, Gautam Adani's total net worth stands at $97.6 billion while Mukesh Ambani's networth is now at $97 billion. 

Adani has now become the 12th richest person in the world and Ambani stands at the 13th spot. The Index has also said that Adani's net worth rose $7.7 billion in a day through which he surpassed his rival in the race of the rich. Furthermore, Adani has also become one of the biggest wealth gainers of India this fiscal year. Adani's comeback to the top position within a year of losing a crucial part of his fortune has drawn sharp attention from across and beyond the borders. 

It is pertinent to note that the Hindenburg report, that was released in January 2023, has accused the Adani Group and Gautam Adani of corporate and financial fraud. As the report has widely reached and sparked shockwaves, the company has lost over $150 billion in market value, pushing Adani far from the top billionaries. In a steady climb, Adani ended 2023 by becoming the 16th richest man in the world.

Within days, he has come ascended four spots to become the 12th wealthiest man in the world and also become India's richest person. Adani has been under scrutiny for years and the opposition parties, particularly Congress and its leader Rahul Gandhi have been scathingly attacking the Adani- Modi relationship and the BJP regime for favouring him. 

Earlier on Wednesday, the Supreme Court poured a relief to Adani by refusing to order inquiries into his company by a Special Investigation Team (SIT) or the Central Bureau of Investigation (CBI) over the allegations raised by the Hindenburg report. Ruling in favour of Adani, the apex court said that the Securities and Exchange Board of India (SEBI) is conducting a comprehensive investigation into the allegations that 'inspires confidence'. 

The court has also directed SEBI to complete the probe within three months. So far, SEBI has completed its Supreme Court-ordered probe into 22 of 24 items. Reacting to a legal relief, Adani has welcomed the court's verdict and wrote on social media, "Truth has prevailed. Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India's growth story will continue."