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Mukesh Ambani's net worth falls $6.8 billion after Q2 earnings spook Reliance investors

Ambani's fortune fell by $6.8 billion to $71.5 billion after RIL stock ended 8.62% or Rs 177 lower at Rs 1877  on BSE

twitter-logoBusinessToday.In | November 3, 2020 | Updated 11:53 IST
Mukesh Ambani's net worth falls $6.8 billion after Q2 earnings spook Reliance investors
RIL investors saw a reduction of Rs 1.2 lakh crore in their market wealth. Market cap of the firm ended at Rs 12.69 lakh crore, a fall of Rs 1.2 lakh crore from Friday's close of Rs 13.89 lakh crore

Reliance Industries chairman and managing director Mukesh Ambani slipped to the ninth spot on Forbes Billionaires list today after shares of his conglomerate fell over 9% post Q2 earnings. On Friday, Ambani was at sixth spot on the list. As per Forbes' real-time net worth data, Ambani's fortune fell by $6.8 billion to $71.5 billion after RIL stock ended 8.62% or Rs 177 lower at Rs 1877  on BSE.

Business magnate Elon Musk stood at fifth position on the list with a net worth of $87 billion followed by billionaire investor Warren Buffet with net worth of $76.2 billion.

Meanwhile, RIL investors saw a reduction of Rs 1.2 lakh crore in their market wealth. Market cap of the firm ended at Rs 12.69 lakh crore, a fall of Rs 1.2 lakh crore from Friday's close of Rs 13.89 lakh crore.

The fall in RIL stock came after the firm reported a 15 per cent decline in net profit at Rs 9,567 crore in July-September quarter of fiscal 2020-21 against Rs 11,262 crore in the corresponding period of last year.

Profit fell on account of weak demand in refining and petrochemicals business.

In the first quarter of FY21, RIL reported a 31 per cent rise in consolidated profit at Rs 13,233 crore.

Consolidated revenue from operations in Q2 fell to Rs 1,16,195 crore compared to Rs 1,53,384 crore in Q2FY20. While EBITDA came in at Rs 18,945 crore, EBITDA margin stood at 17 per cent. Share of RIL closed at Rs 2,064.35, up 37.45 points, or 1.85 per cent on NSE on Friday ahead of  Q2 earnings.

Reliance Industries share falls below Rs 2,000 post Q2 earnings: Time to buy, sell or hold the stock?

Stocks in news: Reliance Industries, Axis Bank, Just Dial, DLF, M&M, ICICI Bank

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