It came as a major setback for Reliance Industries Chairman , Mukesh Ambani, after the company reported lower-than-expected earnings in the July-September quarter.
The unpredictable behaviour of the stock market was witnessed on October 16 too. Two Indian billionaires already witnessed twists and turns on October 15 due to market’s volatility. Both Mukesh Ambani and Gautam Adani saw unexpected results. For Mukesh Ambani, it was doom but Gautam Adani saw an increase in his net worth.
It came as a major setback for Reliance Industries Chairman , Mukesh Ambani, after the company reported lower-than-expected earnings in the July-September quarter. After the unexpected results, the company’s share dropped by 2 percent that contributed a significant loss of Rs 168111868400 in Ambani’s net worth and it took him down a notch to 15th position in Bloomberg Billionaires Index.
Reliance Q2 results were on unexpected lines and the sharp decline of 4.77 percent in profit attributable to its owners, brought the figures down to Rs 16,563 crore. If we compare the figure, the company had posted a profit of Rs 17,394 crore in the same period. The company’s share also did not do well in the last five trading seasons which also had a negative impact on his wealth.
On the other hand, Gautam Adani saw a surge in his net worth which increased by 266 crore. Adani’s total net worth has reached $99.2 billion. Adani ranks at 18 position in Bloomberg Billionaires Index.
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