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Mukesh Ambani Loses $5 Billion As Oil Sinks Reliance Shares

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Mumbai: Mukesh Ambani, Asia’s richest man, lost as much as $5 billion from his net worth as Reliance Industries Ltd.’s shares tumbled to the lowest price in more than three months following a drop in quarterly profit.

The stock of India’s most-valuable company fell as much as 6.8% in Mumbai on Monday as of 12:21 p.m., slipping the most since May 12 and touching the lowest since July 20.

The benchmark S&P BSE Sensex only declined as much as 0.7%. The slide also shaved down Ambani’s wealth to about $73 billion to mark his worst day since March, 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 COVID-19 pandemic hit fuel demand.

Revenue fell 24% to 1.16 trillion rupees.

Reliance’s oil refining unit has suffered a plunge in demand for transportation fuels, with pandemic forcing people to stay home.

The conglomerate is in the midst of a transformation led by the 63-year-old, as he looks to turn the oil-and-petrochemicals giant into a technology and digital services company by bolstering its telecom and e-commerce businesses.

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