Mukesh Ambani slipped three places to the ninth rank on the world’s rich list after the share price of Reliance Industries Limited (RIL) fell steeply in intraday trade on Monday. According to Forbes Real Times Billionaires List, net worth of chairman of oil-to-telecom behemoth came down at $71.5 billion as RIL stock lost over Rs 1 lakh crore in market capitalisation yesterday.

The share price of Reliance dropped 8.62 per cent to Rs 1,877 in the trade yesterday. The partly-paid shares of the company fell 10 per cent to hit the lower circuit limit and end at Rs 1,066.

On Friday, the company reported a 15 per cent decline in net profit at Rs 9,567 crore in the second quarter of fiscal year 2021. In second quarter of fiscal year 2020, the company had reported a net profit of Rs 11,262 crore. Similarly, the revenue from operations fell 24 per cent to Rs 1,16,195 crore compared to Rs 1,53,384 crore in the corresponding period of last year.

The revenue was negatively impacted on account of drop in sales due to coronavirus pandemic, RIL had said in the exchange filing.

The gross refining margin (GRM) – a key measure of profitability for an oil refining company – fell to $5.7 per barrel in the second quarter of the ongoing fiscal, from $6.3 per barrel in the first quarter of the fiscal year 2021. However, Jio reported a three-fold jump in net profit to Rs 2,844 crore.

Due to the plunge in demands of transportation fuels lately, the conglomerate has shifted its focus to technology and digital services company.

Meanwhile, shares of RIL were trading at Rs 1,875.75, down 1.70 points, or 0.091 per cent on NSE as against the previous close at the time of reporting.

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Besides Ambani, the world’s richest Jeff Bezos lost $9.5 billion on Friday, as Amazon shares sank nearly 5% at the stock exchange. Facebook founder Mark Zuckerberg too became $6.4billion poorer even after company reported earnings.

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