New Delhi: Asia’s richest man, Mukesh Ambani lost as much as $5 billion from his net worth as Reliance Industries Ltd.’s shares tumbled to the lowest price in more than three months following a drop in quarterly profit.
RIL shares fell by 6.8 per cent as of noon, on Monday, with share prices dropping to their lowest value in as much as three months. The slide also shaved down Ambani’s wealth to about $73 billion to mark his worst day since March, according to the Bloomberg Billionaires Index.
According to reports, the company reported a 15 percent decline in quarterly profit, as the company recorded serious losses due to the coronavirus pandemic that has adversely affected fuel demand. Revenue fell 24% to Rs 1.16 lakh crore.
Reliance’s oil refining unit has suffered a plunge in demand for transportation fuels, with Covid-19 forcing people to stay home. The conglomerate is in the midst of a transformation led by Ambani, 63, as he looks to turn the oil-and-petrochemicals giant into a technology and digital services company by bolstering its telecom and e-commerce businesses.
