Mukesh Ambani, the richest man in Asia, continues to face the share market heat. His Reliance Industries, which is the most valuable firm in India, has suffered a major financial setback as its shares have seen a sharp plunge. The company has lost Rs 132000 crore in just four days amid market sell-off. The market cap of Reliance Industries has come down to Rs 18.76 lakh crore, as on October 4. A few days back, it used to be above the Rs 20 lakh crore mark. On Friday, the share price of the company fell by Rs 42.45 (1.51%).
Despite seeing a major decline in Reliance's share, Ambani continues to be the richest man in India. According to Forbes, Ambani has a real-time net worth of Rs 916055 crore, as of October 4.
The major decline in its market cap comes amid turmoil in the share market. This week, the Sensex slipped to 703.95 points, or 0.85 per cent, to settle at 81,793.16, while the Nifty fell by 200.25 points or 0.79 per cent, closing at 25,049.85 on Friday. The market crash is reportedly due to escalating tensions in West Asia and persistent foreign capital outflows. Besides, a spike in global crude prices on supply uncertainty due to geopolitical tensions dented market sentiments.
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