Bad news for Mukesh Ambani as Reliance loses Rs 59799 crore due to...; market cap declined to Rs...

Mukesh Ambani, the richest man in Asia, has suffered a major loss after his Reliance Industries' shares declined by -3.67 per cent last week. The Ambani firm lost Rs 59,799.34 crore in its market cap last week from Monday to Friday. Currently, the company has a market cap of Rs 18,64,436.42 crore. The share price of the firm closed at Rs 1379.50 on May 9. Last week, the BSE benchmark dropped 1,047.52 points, or 1.30 per cent. The combined market valuation of eight of the top-10 most valued firms eroded by Rs 1,60,314.48 crore last week, with Reliance Industries taking the biggest hit, in line with a sluggish trend in equities. 

While Reliance Industries, HDFC Bank, Tata Consultancy Services (TCS), Bharti Airtel, ICICI Bank, State Bank of India, Bajaj Finance, and ITC faced erosion from their market valuation, Infosys and Hindustan Unilever made gains. Infosys added Rs 415.33 crore, taking its valuation to Rs 6,26,083.70 crore. In the top-10 order, Reliance Industries remained the most-valued firm, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Hindustan Unilever, Bajaj Finance, and ITC.

Mukesh Ambani's net worth

According to Forbes, the Indian billionaire has a market cap of USD 103.6 billion, which ranks him 16th among the world's billionaires. His Reliance has a presence in several sectors, including FMCG, telcom and more. He runs India's largest telecom firm, Reliance Jio. In July 2023, Reliance listed its finance arm, Jio Financial Services. Ambani has expanded Reliance into green energy.

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