This Is Why Mukesh Ambani Lost Rs 40,000 Crore In 6 Hours Of Trading & Slipped 3 Spots On Global Rich List
As per a shocking report, the shares of Reliance Industries have faced a sharp decline. The impact on the shares has been observed after the company posted a drop of 15% year-on-year in its profit in September.
Reliance Industries owner Mukesh Ambani has sunk down by 3 places in the global rich list as well.
Read on to find out all the details!
Reliance Industries Shares Eroded By Rs. 1 Lakh Crore; Shares Decline By 8.62 Per Cent
The company’s profits have been majorly impacted negatively due to the pandemic, which has affected the sales of the company’s products. The company has posted a decline of 15% year-on-year in the September quarter net profit.
As per reports, the index heavyweight went down by 8.62 per cent to Rs 1,877, whereas the partly paid shares of the company declined by 10 per cent to reach the lower circuit limit and close at Rs. 1,066. This has affected more than Rs. 1 lakh crore from the company’s market capitalization. The company’s oil sector has suffered this decline in this quarter.
This is the most decline that the company has seen in 7 months.
Mukesh Ambani Slips 3 Positions In Global Rich List; Becomes 9th Richest Man From 6th
Additionally, this decline in the shares of the company has resulted in $6.8 billion slashed from the net worth of Mukesh Ambani to $71.5 billion. This led him to slip down three positions on the world’s richest person list from the sixth position to the ninth position. This has been confirmed by the Bloomberg Billionaires index.
The coronavirus pandemic has been a primary reason for the decline in the demand for transportation fuels which resulted in a heavy impact on the business of Reliance’s oil refining unit.
Previously Mukesh Ambani’s fundraising projects have seen Reliance collecting $25 billion by selling its stakes in its digital and retail units.
Reliance’s gross refining margin has fallen to $5.7 per barrel in the latest quarter which was $9.4 a year earlier, which was revealed by Reliance.