Ambani Loses $7 Bn, Slips 3 Ranks In Global Rich List

Mukesh Ambani lost over 7 Billion USD owing to fall in oil prices globally. In the wake of surge in Covid cases and lockdown in some parts of Europe have resulted in a fall of demand for oil resulting in heavy fall in its prices. With this, the share value of Reliance Industries Limited declined. The stock of Reliance Industries Ltd, which has businesses ranging across oil, petrochemicals, telecom, FMCG and e-commerce, closed 8.6 percent lower which is the highest fall in its stock price since March 23. India’s most valued company lost over Rs 1 lakh crore in market capitalisation due to the sharp decline in its shares.

Reliance Industries Chairman Mukesh Ambani lost three ranks in the Global Billionaires List of the Forbes Real-Time. Ambani has now dropped to ninth position on the list with a net worth of USD 71.3 billion. In RIL’s Q2 result, the company reported 15 percent decline in September quarter profit as Reliance’s oil refining business hit due to a plunge in demand for transportation fuels. Although the latest fall in its stock is a sharp decline, market experts and brokerage firms remain optimistic about RIL’s long term growth.

Earlier in April this year, Mukesh Ambani had crossed China’s business magnate Jack Ma and grabbed the spot as Asia’s Richest Man after Facebook invested USD 5.7 Billion in Jio. However, Ambani remains to be India’s richest person in the Global Rich List.