Adani group defies stock index logic

The inclusion of a second company in the Nifty 50 should have led to broader market participation, but institutional and strategic buyers have kept individual investors away.

In the rise of Reliance Industries over the last four decades to become India’s most valuable company, one aspect always stood out. It was how its founder Dhirubhai Ambani created wealth for investors in the company, especially individual shareholders.

That sits in sharp contrast with the Adani group, which is now the most valuable family-owned business in India. In under five years, the group’s seven listed companies have gone from a valuation of less than Rs 1,00,000 crore to Rs 18,23,000 crore. Yet its individual shareholders hold shares worth just Rs 40,000 crore, compared to Rs 1,38,000 crore in the …


T Surendar

Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.

Executive Editor