New Delhi, November 3: The Reliance Industry Ltd's supremo and Asia's richest person Mukesh Ambani, on Tuesday, slipped three ranks in the Forbes Real-Time Billionaires list and now stands at the ninth position with a net worth of $71.3 billion. He suffered a loss of nearly $7 billion as the RIL stocks slumped over 8.6 per cent in the market on Monday, resulting in a huge loss in the Reliance's market capitalisation. The company lost around Rs 1 lakh crore out of its total market share. Mukesh Ambani Loses Nearly $7 Billion in a Day As Shares of Reliance Industries Tumble Following Drop in Its Quarterly Profit.

RIL reported a 15 per cent decline in its profit for the quarter ending on September 30, 2020. The company's net profit was Rs 9,567 crore, while it recorded a profit of Rs 11,262 crore for the corresponding quarter in the last financial year. Reliance's oil vertical incurred the maximum loss. This resulted in a huge slump of RIL's share price . According to the reports, it stock price dipped by 8.62 per cent to close at Rs 1,877.30 on BSE, while on NSE it closed at Rs 1,877.45 after a decline of 8.61 per cent in the share value. Fake News of Mukesh Ambani Suffering From Pancreatic Cancer And Undergoing Liver Transplant Goes Viral on Social Media, Here is a Fact Check.

 

The market analysts believe that it is a short-term correction in the share price owing to the plunge in the profits and the overall impact of COVID-19. It is a ripple effect of the recent reports presented by the company that showed decline in the profit for the last quarter. The market brokers are however, optimistic about the RIL's share and market capitalisation. Ambani's Reliance recently took over the retail business of Kishore Biyani-led Future Group.

 

(The above story first appeared on LatestLY on Nov 03, 2020 12:59 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).