Mukesh Ambani loses $7bn as oil sinks Reliance shares ...Qatar

Mukesh Ambani, Asia’s richest man, lost almost $7bn from his net worth as Reliance Industries Ltd’s shares tumbled the most in over seven months following a drop in quarterly profit. The stock of India’s most-valuable company closed 8.6% lower in Mumbai yesterday, slipping the most since March 23. It was the day’s worst performer on the benchmark S&P BSE Sensex, which rose 0.4%. The slide also shaved down Ambani’s wealth to about $71bn, according to the Bloomberg Billionaires Index. The refining-to-retail conglomerate reported a 15% decline in quarterly profit to Rs95.7bn ($1.3bn) late on Friday, as the coronavirus pandemic hit fuel demand. Revenue fell 24% to Rs1.16tn. Reliance’s oil refin

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Last updated : 02 Nov 2020 clock 09:15 PM

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