Reliance Industries Ltd (RIL) reported a 15 per cent decline in profit in the September quarter, due to which the company’s shares have fallen drastically. Mukesh Ambani, chairman of Reliance Industries, has suffered heavy losses.
Mukesh Ambani’s wealth declines slipped 3 places
Its chairman Mukesh Ambani has suffered heavy losses due to the breakdown of Reliance Industries shares. Mukesh Ambani’s wealth has fallen by about $ 6.8 billion (about Rs 50 thousand crore) and he has slipped from sixth place to ninth position in the list of world’s top rich.
Significantly, the Reliance Industries Limited (RIL) profit in the September quarter was 15 per cent lower than the previous year, due to which the company’s shares have fallen drastically. On Monday, the company’s stock fell 8.62 per cent to Rs 1877. Reliance’s market cap was reduced by Rs 1.2 lakh crore.
Lower than expected profits
The company’s net worth, Mukesh Ambani’s net worth, declined by $ 6.8 billion due to the fall in Reliance shares. With this, he slipped from sixth to ninth in the list of world’s richest people. According to the Forbes Real Time Billionaire Index, Mukesh Ambani’s net worth stood at $ 71.5 billion.
Broken shares even today
Reliance’s market cap on Friday was Rs 13.89 lakh crore, but on Monday it came down to just Rs 12.69 lakh crore. Reliance shares have fallen further on Tuesday and its market cap is around Rs 12.66 lakh crore. Reliance stock price is hovering around Rs 1873 on Tuesday.
It is worth noting that according to the rich list of Aaron, which came in its first September, Mukesh Ambani has earned Rs 90 crore every hour since the lockdown. Mukesh Ambani, chairman of Reliance Industries engaged in the business of petroleum to retail, is the richest person in Asia and he is also named in the list of top 10 rich in the world. Under his leadership, Reliance Industries has received an investment of about Rs 1.8 lakh crore in recent months.