The stock market’s crash in recent days significantly impacted the wealth of billionaires, with Asia's richest man, Mukesh Ambani, experiencing a major setback. In just a few hours, Ambani's fortune dropped by $1.62 billion (around Rs 13,612 crore). The stock market continued to decline throughout the week, with the Sensex falling by over 4,000 points. Investors collectively lost Rs 16 lakh crore, and Mukesh Ambani also took a major hit, according to reports.
While Mukesh Ambani faced losses, his brother Anil Ambani saw a remarkable turnaround. After reducing debt, Anil Ambani's companies, Reliance Power and Reliance Infra, have seen a continuous rise in their stock prices.
Over the past 10 days, Reliance Power's shares jumped from Rs 36 to Rs 53.64, increasing the company’s value by over Rs 4,000 crore. Similarly, Reliance Capital’s market capitalization grew from Rs 16,000 crore to over Rs 20,000 crore.
September has been a jackpot month for Anil Ambani, especially as Reliance Power became debt-free and Reliance Infra reduced its debt by 80%. As a result, the companies are attracting large orders and investors.
For instance, equity investors Sanjay Dangi and Sanjay Kothari are set to invest Rs 925 crore in Reliance Power, which also secured a contract to establish 1,270 MW of solar and hydropower projects in Bhutan.
