Friday, September 25, 2020
Home Business Here's Why Reliance Chairman Mukesh Ambani is No Longer The Richest Man...

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

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.

ALSO READ: Infoysys Partners With Qualcomm To Work on Smart Cities Solutions

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)

STAY CONNECTED

19,140FansLike
362FollowersFollow
1,775FollowersFollow

Most Popular

A Regular Pelvic Pain Drug Ineffective in Women Now

A drug -- gabapentin -- that is regularly used to treat chronic pelvic pain in women has been found to be no more effective...

Climate Change Increases Frequency & Severity of Wildfires Worldwide

New research adds to the growing body of evidence that climate change increases the frequency and severity of fires in many regions of the...

Cooked Carrots Can Trigger Allergic Reactions in Many People: Researchers

The consumption of raw carrots triggers allergic reactions in many people. Contrary to popular belief, cooked carrots can also have this effect, warn researchers. "The...

Covid Patients More Likely to Face Kidney Damage Risk: Study

Researchers have found that many hospitalised patients with Covid-19 may face an increased risk for kidney damage or acute kidney injury (AKI), a dreaded...

Amazon Echo Show 10 to Make Video Calling More Enjoyable

Amazon on Thursday introduced Echo Show 10 that will make video calling more enjoyable as the screen moves as you move, and the camera...

The Emerging OTT Stars

Just a few weeks, ago that filmmaker Shekhar Kapur shared that he was impressed with the amazing new acting talents that the OTT space...

DesignCap – Make a Design and Protect Yourselves from Coronavirus

The new coronavirus was found in one city after another around the world from 2019. During this time, everybody was in a frenzy till...

What To Do If You’ve Been Injured in a Truck Accident

According to FMCSA, 4,311 large trucks and buses were involved in fatal crashes in 2015, an 8-percent increase from the previous year. Each year,...

Recent Comments