Mukesh Ambani…the name reminds of riches and the billion worth ever-growing business empire. Claimed to be Asia’s richest man, Mukesh grabbed the crown from Jack Ma, the co-founder and former executive chairman of Alibaba Group. However, going by various reports from stock market analysts by Tuesday, Chairman & MD of Reliance Industries Ltd is no longer the richest man in Asia.
According to the Bloomberg Billionaires Index, Mukesh Ambani posted a $5.6 billion decline with a severe decline in Reliance Industries’ share price. While the number of positive cases has been increasing with each passing day and a price war between Saudi Arabia and Russia, Chinese billionaire Jack Ma took over the crown.
With the oil prices plunging to the lowest for the first time since 29 years, Reliance Industries share price recorded its biggest fall in 12 years. Thought a hand full of the world’s billionaires recorded collapse in their respective market share, Ambani has recorded the highest. The price cut comes at a time when oil demand has taken a major hit due to the coronavirus contagion.