Courtesy flipboard.com
Mumbai: Asia’s richest man Mukesh Ambani has lost $5 billion from his net worth after the share price of Reliance Industries Ltd nosedived to its lowest level in three and a half months.
As of Monday afternoon, India’s most valuable company fell by 6.8% — the biggest slip since May 12 — and touched the lowest since July 20, whereas S&P BSE Sensex declined just 0.7%, reported Hindustan Times.
The downturn cut Ambani’s total wealth to about $73 billion, his worst day since March, according to Bloomberg Billionaires Index.
There was a 15% decline in quarterly profit of the refining-to-retail conglomerate, mainly due to the the COVID-19 pandemic which hit fuel demand. Their revenue fell 24% to 1.16 trillion rupees.
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