RIL shareholders lose Rs 1.2 trillion as Q2 earnings weigh on stock

Shares of Reliance Industries (RIL), the most valuable company in India, on Monday plunged nearly 9 per cent — the most since March 23 — after it reported a drop in profits for the quarter ended September 2020. The stock price rout wiped $16 billion (Rs 1.2 trillion) off the firm’s market capitalisation and eroded promoter Mukesh Ambani’s personal wealth by $6 billion (Rs 45,000 crore). This also hit Ambani’s ranking on the world’s rich list, pushing him down to 10th from the sixth spot.

The company’s shares closed at a three-month low of Rs 1,876, while its partly paid-up shares hit the 10 per cent lower limit to end at Rs 1,065.