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Here’s Why Reliance Chairman Mukesh Ambani is No Longer The Richest Man in Asia

Ambani controls almost 42 per cent of Reliance Industries, owner of the world's largest oil refining complex

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Mukesh Ambani
Ambani's current net worth amounts to $41.8 billion, while that of Jack Ma stands at $44.5 billion. Globally, Ambani is the 19th richest man just behind Jack Ma who is at the 18th rank. Wikimedia Commons

Reliance Industries Chairman Mukesh Ambani is no longer the richest man in Asia, owing to the recent freefall in oil prices.

According to the Bloomberg Billionaires Index, Chinese billionaire Jack Ma, the founder of e-commerce major Alibaba Group has toppled Ambani to get the top spot in Asia.

The persistent concerns of severe impact of the coronavirus epidemic coupled with the recent carnage in the oil markets have erased $5.8 billion from the RIL chief’s net worth.

Ambani’s current net worth amounts to $41.8 billion, while that of Jack Ma stands at $44.5 billion. Globally, Ambani is the 19th richest man just behind Jack Ma who is at the 18th rank.

Energy markets went into a free fall on Monday with oil prices across variants plunging around 30 per cent, the biggest fall since the 1991 Gulf War. The slide comes after Saudi Arabia shocked the market by launching a price war after no consensus was arrived between OPEC and Russia to cut crude oil production as part of market stabilisation exercise.

The shares of Reliance Industries (RIL) recorded its worst fall in around 10 years on Monday as it fell to a low of Rs 1,094.95 per share.

It closed at Rs 1,113.15, lower by Rs 156.90 or 12.35 per cent from its previous close.

Mukesh Ambani
Reliance Industries Chairman Mukesh Ambani is no longer the richest man in Asia, owing to the recent freefall in oil prices. Wikimedia Commons

Following the fall in share price, RIL also lost the crown of the company with the highest market capitalisation in India to Tata Consultancy Services (TCS). At the end of trade on Monday, the market capitalisation of RIL stood at Rs 7.05 lakh crore, while that of TCS was Rs 7.40 lakh crore.

Ambani controls almost 42 per cent of Reliance Industries, owner of the world’s largest oil refining complex. The Mumbai-based conglomerate’s other businesses include a 4G wireless network across India.

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On top of the Bloomberg Billionaires Index is the Amazon CEO Jeff Bezos with a net worth of $112 billion, followed by Microsoft co-founder Bill Gates with a fortune of $106 billion. (IANS)

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India’s Lockdown Disrupts Functioning of Amazon and Flipkart

Amazon India Delivery and functioning of Essential Goods via. E-commerce companies Disrupted

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Virus Outbreak Amazon
India's coronavirus lockdown is disrupting e-commerce companies including Amazon and Flipkart. Pixabay

India’s coronavirus lockdown is disrupting e-commerce companies including Amazon and Flipkart, despite government assurances it would not, four sources familiar with the matter told Reuters.

Differing state and district level regulations relating to the 21-day lockdown, which began on Wednesday, are hindering operations, the sources said on Friday, with e-commerce firms finding it difficult to get curfew passes for delivery staff.

The disruptions highlight the difficulties of ensuring the supply of essential goods to 1.3 billion people during the shutdown in India, which has so far reported 724 cases of coronavirus and 17 deaths. Most of Amazon’s 60 plus fulfillment centers in India are shut and the U.S. company is in talks with state authorities to try to reopen them, three of the sources said. Industry executives say local authorities have not followed guidelines, stopping deliveries and warehouses from operating.

Virus Outbreak Amazon
A sign is lit on the facade of an Amazon fulfillment center. VOA

“It’s worse than one can think,” one source said, while a second added that only a “miniscule” number of Amazon warehouses were operating, citing this as a key reason for disruptions. Even when operations do begin to return to normal, it will only be in major cities, the second source added.

Amazon said in a statement that its top priority was to deliver the products which customers need the most and it was seeking urgent help from federal government and local authorities with detailed on-the-ground operating procedures. In New Delhi, Amazon’s Pantry service was suspended and the delivery slot for essential goods, such as oil and soaps, was shown as being April 26.

“There are clear guidelines provided by Government to enable essential services, and so we are working with the relevant authorities to ensure we are able to operate,” Amazon said on Twitter in response to questions from users in India.

Indian trade minister Piyush Goyal held a meeting with e-commerce executives on Thursday and said the government was “committed to ensuring that essential goods reach the people.”

Also Read- Effects of Quarantine on Mental Health and Relationships

Walmart-owned Flipkart has also been hit, with some grocery items which had been available earlier on Friday in New Delhi intermittently going out of stock. A source familiar with the situation said Flipkart was facing challenges with last-mile delivery of goods once they leave its warehouse due to restrictions on movement.

Flipkart said in a statement it had resumed grocery operations and there was a significant spike in orders. “We are enhancing capacity to meet the increase in customer requirements,” it said, adding it had received support from local and federal authorities.  (VOA)