Mukesh Ambani loses Rs 12000 crore in just 5 days due to…, Reliance falls 25% in six months because…

However, despite a disastrous trade week, Reliance Industries Chairman, Mukesh Ambani, remains the richest man in India and all of Asia, boasting a real time net worth of $94.9 billion.

In a major setback for billionaire Mukesh Ambani, Asia’s richest man, Reliance Industries market capitalization (mcap) fell by Rs 12,179.13 crore to Rs 16,81,194.35 crore last week amid a continued slowdown in the market which saw five of India’s top-10 most-valued firms, losing a combined Rs 1,85,952.31 crore in market valuation last week, with HDFC Bank taking the biggest hit, in-line with a weak trend in domestic equities.

According to market data, India’s largest private bank, HDFC Bank, emerged as the biggest loser, its market cap eroding by Rs 70,479.23 crore, dipping to Rs 12,67,440.61 crore. Similarly, the State Bank of India (SBI), the country’s largest state-run bank, lost Rs 44,935.46 in market valuation, which slumped to Rs 6,63,233.14 crore.

Apart from Reliance, HDFC Bank and SBI, ICICI Bank and ITC also witnessed erosion of their market valuations, while Tata Group’s TCS, Sunil Mittal-led Bharti Airtel, Narayana Murthy’s Infosys, Hindustan Unilever and HCL Technologies, emerged as the gainers during the week.

However, despite the erosion, Reliance Industries remained the most valued domestic firm followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, ITC and HCL Tech, amid declining trends as the BSE benchmark slumped 1,844.2 points or 2.32 percent, and the Nifty dropped 573.25 points or 2.38 percent.

Five of India’s top-10 most-valued firms, including Reliance Industries– India’s most valued company– lost a combined Rs 1,85,952.31 crore in market valuation last week.

Reliance Industries debt surges to $82 billion

Mukesh Ambani-led Reliance Industries, which had become debt-free in 2020, is currently again under a mountain of debt, with the oil-to-telecom conglomerate owing $82 billion to creditors, according to various reports. The company’s share prices have also witnessed a rapid decline in the last six months, falling from Rs 1,610 in July last year, to Rs 1,218, as of January 11, 2025.

Analysts says the main reason for Reliance’s downward spiral is falling global oil prices, which directly impact its oil refining business, and has in turn affected the company’s earnings, bringing its EBITDA margin to 8% in Q2 FY25, down from 11% during the same period last year.

Additionally, its telecom business, Reliance Jio– India’s largest telecom provider– has also suffered losses over the past six months, due to rising competition from other private players, and the resurgence of state-owned BSNL. Jio has lost over 11 million subscribers due to tariff hikes and other factors since July 2024, according to reports.

However, despite a disastrous trade week, Reliance Industries Chairman, Mukesh Ambani, remains the richest man in India and all of Asia, boasting a real time net worth of $94.9 billion as of January 12, 2025, according to Forbes Real Time Billionaires List.