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Oil prices fell to record lows last month when demand evaporated. Brent crude, the global benchmark, is still trading below $ 30 a barrel. US oil is below $ 20. The drop in oil offset the strength elsewhere in Reliance’s business. Its digital services revenue grew 30% compared to the same period last year.
“You are now giving up your salary until the company and all of its businesses return to their earning potential,” the company said in a statement.
Reliance also announced that it wants to raise money by issuing shares to its existing stakeholders, its first such offer in three decades. The measure would allow the company to raise $ 7 billion.
“The global oil markets witnessed significant volatility due to the destruction of demand and excess supplies,” Reliance wrote in a statement that accompanied the gains, adding that blockages and travel restrictions led to strong drop in energy demand.
Reliance said Thursday that the company is trying to find ways to respond to the virus. His philanthropic arm, the Reliance Foundation, helped dedicate hundreds of hospital beds in Mumbai to treating coronavirus patients.
Other dependency divisions are trying to help expand India’s ability to detect the virus and produce face masks and other protective clothing for health workers.
Ambani’s mobile network Reliance Jio has grown in popularity since its launch less than four years ago, accumulating 388 million users.
The link includes a trade association with WhatsApp that potentially paves the way for Facebook to make money with the 400 million users of the messaging service in India.
