RIL shareholders lose Rs 1.2 trillion as Q2 earnings weigh on stock

Ambani slips four places on global rich list

Shares of Reliance Industries (RIL), the most valuable company in India, on Monday plunged nearly 9 per cent -- the most since March 23 -- after it reported a drop in profits for the quarter ended September 2020. The stock price rout wiped $16 billion (Rs 1.2 trillion) off the firm’s market capitalisation and eroded promoter Mukesh Ambani’s personal wealth by $6 billion (Rs 45,000 crore). This also hit Ambani’s ranking on the world’s rich list, pushing him down to 10th from the sixth spot.

The company’s shares closed at a three-month low of Rs 1,876, while its partly paid-up