The drop in Mukesh Ambani’s net worth is due to the correction in RIL shares, which have fallen almost 16% from their all-time high of Rs 2,369.35.
New Delhi: Mukesh Ambnai, India’s richest person and chairman and managing director of oil-to-retail and telecoms conglomerate Reliance Industries, which rose to fourth place on the Bloomberg Billionaires Index earlier this year, is no longer among the 10 richest. billionaires in the world now. According to Bloomberg’s ranking, Mukesh Ambani’s current net worth is $ 76.5 billion (Rs 5.63 lakh crore), down from nearly $ 90 billion (Rs 6.62 lakh crore) earlier this year.
Today, RIL’s top boss is the 11th richest person in the world, below Oracle Corporation’s Larry Ellison and Google’s co-founder Sergey Brin, who ranked 10th and 9th, respectively, with net worth of $ 79.2 billion.
The drop in Mukesh Ambani’s net worth is due to the correction in RIL shares, which have fallen nearly 16% from their all-time high of Rs 2,369.35 touched after the announcement of their agreement to buy the retail and wholesale assets of the Future group. On Thursday, RIL shares closed at Rs 1,994.15. In the past two months, RIL shares have seen gains after US e-commerce giant Amazon challenged its deal with the Future group. Amazon says its 2019 deal in which it invested nearly $ 200 million in Future Coupons, a Future group company, had clauses saying that the group led by Kishore Biyani could not sell its retail assets to anyone on a list of “people restricted “, which included Reliance.
Despite the recent drop in RIL’s share price, it is still up 33% to date, creating wealth of over Rs 3 lakh crore for investors. This is half of the wealth created by the conglomerate in the last 25 years. According to Motilal Oswal’s annual wealth creation study, the oil-to-telecom conglomerate has created wealth of Rs 6.3 lakh crore between 1995-2020. Over the past 25 years (March 1995 to 2020), Reliance Industries Ltd has posted a cumulative net profit of Rs 3.78 crore lakh.
