Reliance Industries boss Mukesh Ambani has lost Asia’s richest man tag as he becomes poorer by Rs 44,000 crore.
With oil prices and global stocks collapsed on Monday, Ambani became poorer by over Rs 41, 700 crores as shares of Reliance Industries plunged 13 per cent.
According to the Bloomberg Billionaires Index, Jack Ma, the co-founder of Alibaba Group and the richest person in China is now back to the top with a $44.5 billion fortune while Mukesh Ambani stands at 2nd with $42.2 billion.
Ambani emerged as the second-biggest loser last week, after Facebook CEO Mark Zuckerberg, as global markets continued to fall due to coronavirus fears, Forbes reported.
Shares of Reliance Industries saw massive selloff on Monday after crude oil prices fell over 30% as top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets.