Earlier on Friday evening, Mukesh Ambani’s Reliance Industries Limited (RIL) Slips 15% of its quarterly profit 95.7 billion rupees ($1.3 billion). With the ongoing Pandemic hit fuel demand, revenue fell 24 per cent to 1.16 trillion rupees.
The Stock of RIL closes at 8.6 percent lower today evening, lipping the most since March 23. The distinctive drop in the stock shaved off $6.8 Billion from Mukesh’s Net worth. Placing him down on the ninth place of the World’s richest list from the Sixth position.
The slip in earnings backs Ambani’s strategy and highlights the booming need for Reliance to lessen its dependency on the energy sector and expand businesses that seek to leverage India’s billion-plus consumers.
Another trouble for Ambani is the ongoing legal battle with Amazon over the Reliance-Future Retail deal. Future Retail on Sunday had informed NSE and BSE that Amazon is ‘entirely misconceived’ with the agreement between Amazon and Kishore Biyani (CEO of Future Group). The Filing states that the Stock Exchange should not consider the order of the Singapore arbitration court.