Mukesh Ambani's Reliance Industries has seen its market value decline by about $50 billion (Rs 4.2 lakh crore) since its high in July due to poor profitability and economic difficulties.
The refining-to-retail giant's stock has hardly increased this year, lagging behind the benchmark NSE Nifty 50 Index by the greatest amount in almost ten years. The country's primary indicators remain among Asia's top-performing major markets in 2024, despite recent pressure on the country's larger Indian markets from a foreign selloff and worries over earnings growth.
The majority of Reliance's stock decline comes after the company's underwhelming performance last month. Due to a weak demand environment for its main oils-to-chemicals sector, the company's earnings underperformed consensus projections for the sixth consecutive quarter.
Mukesh Ambani has also witnessed a decline in his personal wealth owing to the underwhelming performance of his companies.
Once placed 11th on the global rich list, Ambani has now dropped to the 17th place on the Bloomberg Billionaires Index, due to a steady decline in wealth, with his net worth shrinking to $100 billion. The Indian billionaire now bears the risk of rosing his place in the coveted $100 billion club if the trend continues.
Mukesh Ambani has a real-time net worth of $102.5 billion as of November 8, 2024, as per Forbes.
