RIL Chairman Mukesh Ambani
RIL Chairman Mukesh Ambani

Billionaire Mukesh Ambani slipped to the 9th spot in the Forbes billionaires ranking after Reliance Industries Ltd's (RIL) shares tumbled the most in over seven months following a drop in quarterly profit.

Mukesh Ambani lost almost USD 7 billion from his net worth as the RIL's shares tanked nearly 9 per cent on Monday after the company reported a 15 per cent drop in second quarter net profit.

According to Forbes Real-Time Billionaires list, the total net worth of Mukesh Ambani, as on November 3, stands at USD 71.5 billion. He slipped to the ninth position, in the top ten billionaires’ list, from the sixth spot.

RIL's shares tanked nearly 9 per cent after the company reported a 15 per cent drop in second quarter net profit. The stock tumbled 8.62 per cent to close at Rs 1,877.30 on the BSE. During the day, it tanked 9.46 per cent to Rs 1,860. On the NSE, it declined 8.61 per cent to close at Rs 1,877.45. The company's market valuation also eroded by Rs 1,19,721.68 crore to Rs 12,69,437.32 crore on the BSE.

Meanwhile, on Tuesday (November 3) RIL's shares again opened in red. RIL shares on Tuesday morning were trading at Rs 1,874.85, Rs 2.60 or 0.14% below yesterday's closing price.

RIL on Friday reported a 15 per cent drop in second quarter net profit after a slump in core oil and chemicals business dragged down continued good showing in consumer-facing verticals such as telecom. The earnings announcement came after market close on Friday.

(To download our E-paper please click here. The publishers permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal

www.freepressjournal.in