The Indian billionaire Gautam Adani has added almost $43 billion to his wealth this year, catapulting him to the spot the second-richest person in Asia.
Some analysts say the gains are fraught with risk.
Adani’s net worth of $76.7 billion got a boost from a 330%jump in Adani total gas Ltd, a 235% rise in his conglomerate’s flagship Adani Enterprises Ltd NSE-1.75% and a 263% increase in Adani Transmission Ltd, this year Adani group stocks, especially these three, “look extended”, Bloomberg Intelligence analysts Gaurav Patankar and Nitin Chanduka wrote in a June 10 note after analyzing technical indicators.
The overseas funds hold a large chunk of shares, effectively reducing the public float and leaving the stocks prone to volatility, the analyst wrote.
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