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Mukesh Ambani Slips To Ninth Rank In Forbes Billionaires List On Sell-Off In RIL Scrip


Mukesh Ambani- India's richest person was dragged to the ninth spot in the Forbes billionaires list as the stock of Reliance Industries took a huge beating of close to 9% in trade on November 2, 2020, following its second quarterly results of FY2021. On the massive sell-off in RIL scrip, Ambani lost a whopping $7 billion on Monday as per the Forbes' real time data on billionaires.

Mukesh Ambani Slips To Ninth Rank In Forbes Billionaires List After Losing $7 Bn

The company's shares tanked to their over 3-month low price after it reported a huge decline in its profits year on year. The company's m-cap also reduced to Rs. 12,64,061.50 crore while the company's shareholders lost more than Rs. 1 trillion.

Commanding a net worth of $71.5 billion, Ambani now ranks after Google co-founder Larry Page. Other Indian billionaire whose wealth eroded during today's session is HCL's Shiv Nadar (-$464 million).

Notably, the Forbes' Billionaires list is topped by Amazon's Jeff Bezos, followed by Bernard Arnault & Family, Bill Gates, Mark Zuckerberg and Elon Musk in the top-5 billionaires' list.

The Forbes' Billionaires rankings keep track of the daily ups and down of the world's billionaires. The platform offers real-time updates on the net worth as well as ranking of each of the individual confirmed to be in the billionaires' list by Forbes.

Story first published: Monday, November 2, 2020, 17:27 [IST]
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