Mukesh Ambani slipped to 13th rank on world’s richest billionaires list

India’s richest person and Reliance Industries chairman and managing director Mukesh Ambani has slipped further on the world’s richest billionaires list to become 13th richest person in the world.

Ambani’s net worth was nearly $90 billion (Rs 6.62 lakh crore) earlier this year which has come down to $73.4 billion (nearly Rs 5.36 lakh crore) due to the recent correction in RIL shares. It was in August 2020 that Ambani rose to the fourth position in the Bloomberg ranking but last 3 months have been quite heavy for his company as its shares have declined nearly 14% and 18.3% after soaring up till Rs 2,369.35 (all-time high) upon announcement of its deal to buy retail and wholesale assets of Future group.

RIL stock gained 128.7% from last year’s low of Rs 867.82 in March to end 2020 with a gain of 32.2% where the gains were driven by stake monetisation across its retail and telecom businesses. RIL is likely to take steps to strengthen e-commerce and technology offerings in 2021 but investors may not receive instant gratification on their optimism after a strong 2020.

The list of Indian billionaires includes renowned personalities like Aditya Birla Group Chairman Kumar Birla (122), Chairman and founder of the Adani Group Gautam Adani (167), Bharti Airtel head Sunil Mittal (244), co-founder of consumer goods giant Patanjali Ayurveda Acharya Balkrishna (365), Piramal Entreprises Chair Ajay Piramal (436), Biocon founder Kiran Mazumdar-Shaw (617), Infosys co-founder N R Narayana Murthy (962) and RCom chairman Reliance Anil Ambani (1349).

On Friday, RIL shares closed 1.17% higher at Rs 1,933.70 apiece.

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