Friday, September 17, 2021
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Ambani Slips To Ninth Spot On Global Rich List After Losing Rs 1 Lakh Crore In Sharp Sell-Off

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Mumbai: India’s richest man Mukesh Ambani slipped to the ninth spot in the Forbes billionaires ranking.

Almost $7 billion Ambani lost on Monday as the stock market saw a selloff in Reliance shares, according to Forbes real time data on billionaires.

He now ranks behind Google co-founder Larry Page.

Reliance share price fell by almost 9% to ₹1,871.90 – its lowest in over three months.

The share price tanked in trade today, reacting to the huge fall in profits in Reliance’s second quarter earnings.

On October 30, Reliance posted its second quarter earnings where its profits declined by 32.5%.

The one-day blow has been huge for Reliance, whose shares had been on an upward graph for months now. Reliance’s total market cap has reduced to ₹12,64,061.50 crore – while shareholders lost over ₹1 lakh crore.

Another recent trouble for Ambani has been the legal tussle with Amazon over the Reliance-Future Retail deal.

Future Retail on November 1, had informed Indian stock exchanges BSE and NSE that Amazon is ‘entirely misconceived’ about the agreement between Amazon and Kishore Biyani (CEO of Future Group).

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