Reliance slips 59 places on Fortune list, SBI jumps 16 notches
NEW DELHI: Billionaire Mukesh Ambani’s oil-to-telecom conglomerate Reliance Industries Ltd slipped 59 places to rank 155th on the 2021 Fortune Global 500 list released on Monday.
Reliance took a beating on the rankings as revenues dropped owing to the Covid-19 pandemic. This is its lowest ranking since 2017.
Walmart continues to top the Fortune list with a revenue of $524 billion, followed by China’s State Grid at $384 billion.
With $280 billion revenue, Amazon came in at the third spot, replacing Chinese giants. China National Petroleum was ranked fourth and Sinopec Group fifth.
Reliance’s revenue fell 25.3 per cent to $63 billion, mostly because oil prices plunged in the second quarter of 2020 when the global spread of the pandemic wiped away demand.
