Mukesh Ambani loses $7 billion as oil sinks Reliance shares
Mukesh Ambani, Asia’s richest man, lost almost $7 billion from his net worth as Reliance Industries Ltd.’s shares tumbled the most in over seven months following a drop in quarterly profit.
The stock of India’s most-valuable company closed 8.6% lower in Mumbai on Monday, slipping the most since March 23. It was the day’s worst performer on the benchmark S&P BSE Sensex, which rose 0.4%. The slide also shaved down Ambani’s wealth to about $71 billion, according to the Bloomberg Billionaires Index.
The refining-to-retail conglomerate reported a 15% decline in quarterly profit to 95.7 billion rupees ($1.3 billion) late on Friday, as the coronavirus pandemic hit fuel demand. Revenue fell 24% to 1.16 trillion rupees.
