Gautam Adani becomes the second-richest person in Asia, when a rally in the stocks of the companies controlled by the Indian billionaire added almost $43 billion to his wealth in 2021.
The large amount of shares held by overseas funding reduce the public float and leaves the stocks ‘prone to volatility’, as said by an analyst.
More than 95 per cent assets have been put in Adani group by Elara India Opportunities Fund, Apms Investment Fund, Cresta Fund, Albula Investment Fund, Lts Investment and Asia Investment Corp. according to a data compiled by the Bloomberg Intelligence.
After MSCI Inc. included three more firms to its benchmark last month, the ports-to-power conglomerate also got a boost.