Mukesh Ambani loses Rs 77,606 crore in a single day amid market turmoil
PTC News Desk: In a significant blow to Reliance Industries and its Chairman Mukesh Ambani, the company saw its market valuation plummet by a staggering Rs 77,606 crore in just one day. The massive loss came as the conglomerate's shares tumbled nearly 4 per cent on Thursday, marking a sharp decline in its market performance. Reliance Industries, which has a wide-reaching presence across sectors such as oil, natural gas, retail, and FMCG, has been impacted by a broader market downturn.
As of October 3, Reliance Industries' market capitalisation now stands at Rs 19,04,762.79 crore, down from its previous highs. The sharp decline in shares has been attributed to growing concerns over the ongoing crisis in the Middle East, which has significantly impacted the oil and gas industries—one of Reliance's core sectors. Experts note that the volatility in crude oil prices and uncertainty in the global markets are key factors that triggered the sell-off, further dampening investor sentiment.
Despite the massive single-day loss for the company, Mukesh Ambani remains the richest person in India and Asia, with a personal net worth of Rs 9,30,836 crore. This demonstrates the resilience of his wealth, even amid short-term market fluctuations.
While the slump has dented Reliance Industries' valuation, Ambani's diversified portfolio and the company's broad sectoral presence continue to provide him with a strong financial standing.
The recent downturn in Reliance Industries’ share price is part of a broader decline seen over the past three days. In total, the company’s stock has dropped by 7.76%, reflecting ongoing challenges. On Thursday, the Bombay Stock Exchange (BSE) Sensex also recorded a drop of 2.10%, losing 1,769.19 points to close at 82,497.10. During the day, the Sensex had fallen by as much as 1,832.27 points or 2.17%, reaching 82,434.02 at its lowest point.
Similarly, the National Stock Exchange (NSE) Nifty slipped by 546.80 points or 2.12%, closing at 25,250.10, further underscoring the broader market's negative sentiment.
On Thursday, Reliance Industries' stock fell 3.91%, closing at Rs 2,815.25 on the BSE. Earlier in the day, the stock had dropped by as much as 5.28%, hitting a low of Rs 2,775. On the NSE, the stock fell by 3.94%, settling at Rs 2,813.95. The decline in Reliance’s shares has been one of the major contributors to the overall market slump, with its bellwether status having a significant impact on market indices.
The ongoing challenges in the global oil market, compounded by geopolitical tensions, continue to cast uncertainty on Reliance Industries’ near-term prospects. However, the company's diversified operations across sectors may provide some cushion against the immediate fallout from the global economic environment.
- With inputs from agencies
