Mukesh Ambani Loses Nearly $7 Billion in a Day As Shares of Reliance Industries Tumble Following Drop in Its Quarterly Profit

Team Latestly
·2-min read

New Delhi, November 2: Mukesh Ambani, Asia's richest man, has lost nearly $7 billion from his net worth after the shares of Reliance Industries Ltd. dipped following the drop in the company's oil revenues in the second quarter. The firm's shares tumbled due to the impact of the coronavirus pandemic. As per Bloomberg Billionaire's Index, Ambani's net worth dropped by nearly $7 billion to reach $71 billion at present. On Monday, shares of RIL dropped 8.6 percent which is seen as the firm's biggest slip since March 23. According to reports, RIL's stock dipped 8.62 percent to close at Rs 1,877.30 on the BSE while on the NSE, it declined 8.61 percent to close at Rs 1,877.45.

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On Friday, Reliance Industries Ltd (RIL) reported a decline in its consolidated net profit for the quarter ended September 30 of FY2020-21 due to the effect of an exceptional item. The firm's profit declined by 15 percent. On Friday, Reliance Industries reported that its annual net profit decreased to Rs 9,567 crore. In the corresponding year last year, the company recorded a profit of Rs 11,262 crore. Reliance Industries Ltd Becomes India's First Company to Cross $200 Billion Market Cap; Check List of World's Top 5 Firms With Highest M-Cap Value.

In the first quarter of FY21, RIL's consolidated net profit during the first quarter slipped to Rs 10,602 crore from Rs 11,352 crore reported for the corresponding period of the previous fiscal. RIL's consolidated net profit attributable to owners of the company also fell to Rs 9,567 crore from Rs 11,262 crore reported for the corresponding quarter of the previous fiscal. The firm saw consumer-facing units doing well amid the lockdown easing but the core business continued to face pressure.

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