Mukesh Ambani Loses $5 Billion From Net Worth As Reliance Share Price Plummets

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.