Mukesh Ambani News
Reliance Industries gets shareholders, creditors OK for hiving off O2C business into separate entityIn February, RIL had announced the contours of spinning-off its oil refining, fuel marketing and petrochemical (oil-to-chemical) business into an independent unit with a USD 25 billion loan from the parent, as it looked to unlock value by settling stakes to global investors like Saudi Aramco.
Ambani security scare: National Investigation Agency searches hotel in MumbaiSuspended Mumbai police officer Sachin Waze, whom the NIA arrested last month in connection with the security scare outside Ambani s residence, was recently brought by the probe agency to the Babulnath area as part of its probe into the case, he said.
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MUMBAI: It was not a good Monday for Mukesh Ambani, the owner of India’s largest listed company
Reliance Industries, as RIL stock tanked over 5 per cent leading to a notional loss of wealth worth close to $5.2 billion for the family.
The notional wealth lost by the Ambani family today was greater than the market capitalisation of several Nifty50 companies and was equivalent to losing $13 million per minute of today’s trade.
Today’s loss will likely push Ambani to the 12th place in the Bloomberg Billionaires’ Index, where his position was at No. 11 at the time of publishing. According to the index, Ambani’s wealth was at $79.2 billion prior to today’s stock price crash.
Updated Jan 25, 2021 | 17:18 IST
The weak topline performance of the company was attributable to the continued struggles of the refining business and retail business of the company due to the Covid-19 pandemic RIL stocks tank over 5% post weak Q3 earnings, Ambani losses $5.2 billion in a day | Photo Credit: BCCL
Mumbai: As RIL stock fell 5 per cent intraday on Monday, Mukesh Ambani, Chairman of India’s largest listed company, will see a notional loss of wealth close to $5.2 billion, as reported by ET.
Currently, Ambani s place in the Bloomberg Billionaires’ Index is at No. 11, and today s loss will likely push him to 12th place. According to the index, Ambani’s wealth was at $79.2 billion prior to today’s stock price crash.
One day you’re in, the other day you’re out. China’s billionaire rankings seem as stable as hydrogen. In 2017, Hui Ka Yan, founder of real estate developer China Evergrande Group, was the nation’s richest man. That throne was claimed by Alibaba Group Holding’s Jack Ma one year later. Now, Zhong Shanshan, chairman of water bottler Nongfu Spring Co., is China’s wealthiest; in fact, he is even richer than Warren Buffett. Eye-popping billions seem to spring from all walks of life.
The swift reshuffling in part reflects structural changes in the Chinese economy. Real estate developers were riding high until late 2017, when Beijing launched a draconian corporate deleveraging campaign. That diet checked the asset expansion of the likes of Hui, who runs the world’s most indebted real estate business, and paved way for the rise of tech tycoons.