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 output&nbsp;failed 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.&nbsp;

<a href="https://www.wionews.com/business-economy/market-plunges-1942-points-in-worst-day-for-sensex-ongc-reliance-industries-top-losers-285272">Shareholders of the company</a> 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.

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.

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.

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 output failed 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. 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.

Mukesh Ambani becomes poorer by over Rs 41, 700 crores after Sensex crash

Indian shares hit a near three-month high on Monday, in tandem with global markets, as technology shares gained and lenders rose on expectation of strong numbers from Housing Development Finance Corp and Kotak Mahindra Bank later in the day.

Gains were, however, capped as index heavyweight Reliance Industries Ltd fell as much as much as 3.5 percent, its biggest percentage loss since February&nbsp;2, after the result from the oil-to-retail conglomerate's telecoms arm Jio failed to cheer.

Asian shares extended gains as tensions in the Korean Peninsula eased and first-quarter earnings shone, even though some investors were cautious about the outlook amid the backdrop of a simmering US-China trade dispute.

"We're following the global trend, and there has not been any major disappointment in the domestic earnings season," said Sumit Pokharna, deputy vice president, Kotak Securities.

There is some profit-booking in Reliance, plus the market was anticipating much better numbers from Jio, he added.

The broader NSE Nifty was up 0.50 percent at 10,745.75, with State Bank of India and Yes Bank, up 2.6 percent and 2 percent respectively, leading the gains.

The benchmark BSE Sensex was 0.57 percent higher at 35,167.75. Both the indexes hit their highest levels since Feb 2 and were poised to end the month higher after two consecutive months of losses.

IT stocks rose, with the Nifty IT index gaining as much as 2.3 percent aided by the recent weakness in the rupee.

Reliance dragged the Nifty Energy index, which was down as much as 2.1 percent, its biggest intraday percentage loss in over a month.

Bond and currency markets are closed on Monday and Tuesday for a public holiday. Stock markets will remain shut on Tuesday.

The benchmark BSE Sensex was 0.57 percent higher at 35,167.75.

Indian shares hit a near three-month high on Monday, in tandem with global markets, as technology shares gained and lenders rose on expectation of strong numbers from Housing Development Finance Corp and Kotak Mahindra Bank later in the day. Gains were, however, capped as index heavyweight Reliance Industries Ltd fell as much as much as 3.5 percent, its biggest percentage loss since February 2, after the result from the oil-to-retail conglomerate's telecoms arm Jio failed to cheer. Asian shares extended gains as tensions in the Korean Peninsula eased and first-quarter earnings shone, even though some investors were cautious about the outlook amid the backdrop of a simmering US-China trade dispute. "We're following the global trend, and there has not been any major disappointment in the domestic earnings season," said Sumit Pokharna, deputy vice president, Kotak Securities. There is some profit-booking in Reliance, plus the market was anticipating much better numbers from Jio, he added. The broader NSE Nifty was up 0.50 percent at 10,745.75, with State Bank of India and Yes Bank, up 2.6 percent and 2 percent respectively, leading the gains. The benchmark BSE Sensex was 0.57 percent higher at 35,167.75. Both the indexes hit their highest levels since Feb 2 and were poised to end the month higher after two consecutive months of losses. IT stocks rose, with the Nifty IT index gaining as much as 2.3 percent aided by the recent weakness in the rupee. Reliance dragged the Nifty Energy index, which was down as much as 2.1 percent, its biggest intraday percentage loss in over a month. Bond and currency markets are closed on Monday and Tuesday for a public holiday. Stock markets will remain shut on Tuesday.

Sensex hits near three-month high; IT stocks, lenders gain

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