Mukesh Ambani's net worth falls after RIL stock prices tumble post Q2FY21 results : Reports
Mumbai/IBNS: Reliance Industries Chairman and Asia's richest man Mukesh Ambani lost $6.8 billion from his net worth on Monday as his company's shares slipped the most in the last seven months, said media reports.
Ambani's net worth tumbled as RIL stocks closed 8.6 per cent or Rs 177 lower ar Rs 1,877 in Mumbai, becoming the worst performer on benchmark S&P BSE Sensex, which rose 0.4 per cent, said a Bloomberg report.
The RIL stocks slid for the first time since March 23.
Mukesh Ambani's net worth now stands at $ 71.5 billion, according to Forbes' real-time net worth data.
The erosion in stock prices comes after RIL reported a fall in quarterly net profit by 15.05 per cent year-on-year (YoY) at Rs 9,570 crore against Rs 11,262 crore in the corresponding period of last year due to lower revenues from oil and gas business, late on Friday last.
While the conglomerate's digital and telecom business performed well and showed signs of recovery to pre-covid levels, its oil and petroleum business was hit by coronavirus pandemic. Revenue fell 24 per cent to Rs 1.16 lakh crore.
With the slide in RIL stock prices, the shareholders saw an erosion of Rs 1.2 lakh crore in their market wealth on Monday, said a Business Today report.
A Bloomberg report said Reliance's oil refining unit has been hit due to a fall in demand for transportation fuels, as Covid-19 forced people to stay home.