Key Points:
- Reliance’s oil refining sector has seen a plunge in the transportation of fuels leading the Asia’s richest man loose almost $7 billion.
- It is a quarterly profit decline.
- This activity led to Mukesh Ambani slipping down the Forbes Real-Time Billionaires list by 3 spots. Ambani stands on the ninth rank with the net worth of $71.3 billion.
Asia’s richest man, Mukesh Ambani saw a downfall of almost $7 Billion from his annual worth as Reliance Industries Ltd.’s shares toppled the most in the last quarterly profit. Shares of the oil-to-telecom company saw a sharp fall on the stock market on Monday. The loss is counted as 15% year-on-year drop in the September quarter which boils it down to the total loss as Rs.9,570 crore.
The huge damage came mostly from the oil sector of Reliance which has had an extremely low demand in transportation fuels. This was because of Covid-19 that forced people to stay at their hmoes. RIL stocks went down by almost 8.5 per cent on the stock market on Monday.
The steep dive led to a loss for RIL of over Rs.1 lakh crore in market capitalisation. This activity led to Mukesh Ambani slipping down the Forbes Real-Time Billionaires list by 3 spots. Ambani stands on the ninth rank with the net worth of $71.3 billion.
The overall Reliance shares have rallied about 29% this year, while Sensex slipped 4%, as investors praised Ambani’s fundraising spree. The fundraising has been seen as Reliance has raised almost $25 billion by selling stakes in its digital and retail units.
Ambani’s Reliance is the most recognizable company in the country and the conglomerate aims at transforming the oil, petrochemicals, telecommunications and retail company into a Global Tech Giant. Ambani has almost earned $20 billion in the last four months for his tech arm, Jio, half of which was earned within a month’s period.
