The shares of Reliance Industries (RIL) recorded its worst fall in around 10 years on Monday as it fell to a low of Rs 1,094.95 per share.
New Delhi, March 10: Reliance Group Chairman Mukesh Ambani has lost the title of Asia's richest man to Alibaba's Jack Ma following 30 percent overnight fall in crude oil prices, along with the persistent concerns over the impact of coronavirus on the global economy. On Monday when stocks of Reliance Industries registered the biggest fall in over 10 years as it fell to Rs 1,094.95 per share, Mukesh Ambani lost $5.8 billion, Bloomberg reported. Mukesh Ambani in Talks With Times Group to Sell News Assets, Says Report; Reliance Denies It.
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According to the Bloomberg Billionaires Index, Ambani now holds the number two position in the list of Asia's richest people. With a fortune worth $44.5 billion, Jack Ma is now the richest man in the continent. While coronavirus has impacted Alibaba's businesses, increased demand for its cloud computing services and mobile apps have mitigated the damage. But Ambani's Reliance Industries Ltd (RIL) suffered due to a sharp dip in crude oil, which further resulted in a fall in its share price.
Crude oil prices slumped around 30 percent on Monday as Organization of Petroleum Exporting Countries (OPEC) failed to agree on an output cut deal, prompting Saudi Arabia to slash its prices as it is likely to increase its production. Saudi Arabia's stance has already raised concerns of an all-out price war. As per analysts, the oil market witnessed the worst price fall on Monday since the 1991 Gulf War.
The Indian equity market witnessed a bloodbath on Monday with the BSE Sensex registering its biggest single-day fall in its history as it closed 1,941 points lower. Investors lost around Rs 7 lakh crore during the day due to the rout, analysts said. Global stock markets also witnessed the bear run as Dow Jones and S&P500 plunged as they opened on Monday.