Mukesh Ambani becomes poorer by over Rs 41, 700 crores after Sensex crash
Mukesh Ambani
Asia's richest person Mukesh Ambani became poorer by over Rs 41, 700 crores on Monday as shares of Reliance Industries plunged 13 per cent, falling most since October 2008.
According to Forbes real-time net worth, the world's 20th richest man's net worth stood at $42.2 billion, down 11.68% as of 17:28 on Monday. In a single day, his net worth fell by $5.6 billion, according to Forbes.
Shares of Reliance Industries saw massive selloff on Monday after crude oil prices fell as much as 31 per cent following the Saudi's move to start a price war after talks with Russia on reducing oil outputfailed to reach a consensus.
With the crash, the market capitalization of RIL fell below that of TCS, at Rs 7.05 lakh crore. The market values TCSNSE -6.81 % at Rs 7.31 lakh crore.
Shareholders of the company lost over Rs 1.08 lakh crore in a single day.
In November 2019, RIL became the first Indian company to hit a market capitalisation of Rs 10 lakh crore. In this year so far, RIL's market value fell by Rs 3 lakh crore.
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Similarly, shares of state-owned oil explorer ONGC also fell nearly 14% to a fresh 52-week low of Rs 76.25 on worries over refining margin.