Mukesh Ambani’s Reliance loses Rs 73470 crore in a day after…

Reliance’s stock dropped 3.49 per cent to settle at Rs 3,001.10 on the BSE.

Mukesh Ambani owns India’s most valuable company by market valuation, Reliance Industries. He is the richest man in Asia with a net worth of Rs 976320 crore (as of July 22), as per Forbes. He is the chairman of Reliance Industries, which is present in several sectors including oil, retail, telecom and others.

On Monday, the company’s market valuation was wiped out by Rs 73,470.59 crore to Rs 20,30,488.32 crore. It came after shares of Reliance dropped over 3 per cent after the company reported a 5 per cent drop in its June quarter net profit.

The blue-chip stock dropped 3.49 per cent to settle at Rs 3,001.10 on the BSE. During the day, it went lower by 3.56 per cent to Rs 2,998.80 On the NSE, it declined 3.41 per cent to Rs 3,004. In traded volume terms, 1.90 lakh shares of the company were traded at the BSE and 98.37 lakh shares at the NSE during the day.

Heavy selling pressure in Reliance Industries also dragged the benchmark indices. Falling for the second day in a row, the 30-share BSE Sensex fell 102.57 points or 0.13 per cent to settle at 80,502.08. The NSE Nifty dipped 21.65 points or 0.09 per cent to 24,509.25.

Reliance Industries Ltd on Friday reported a 5 per cent drop in its June quarter net profit as lower fuel cracks and petrochemical margins outdid gains in telecom and retail businesses. The conglomerate’s consolidated net profit was at Rs 15,138 crore, or Rs 22.37 per share, in the April-June period — the first quarter of the current 2023-24 fiscal year — compared to Rs 16,011 crore, or Rs 23.66 a share, earnings a year back, according to a company’s statement.