Mukesh Ambani loses his Asia's Richest Crown; Jack Ma is No.1

Mukesh Ambani loses his Asia's Richest Crown; Jack Ma is No.1

Agency News

The stock market meltdown on Monday has erased $5.8 billion from Mukesh Ambani's net worth which resulted in losing his position as Asia’s Richest man.

Now, Jack Ma, Alibaba founder, has risen to the top position in the list. On Monday, Reliance share has marked a loss of 12 percent which comes around Rs.156 in a day and that erased $5.8 billion from Mr Ambani's net worth which pushed him to No. 2 on the list of Asia's richest people, according to the Bloomberg Billionaires Index.

Ma, the Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Oil plunged the most in 29 years on Monday as Saudi Arabia and Russia vowed to pump more in a struggle for market share. The slump comes just as the coronavirus is spurring the first decline in demand in more than a decade. That raises questions about whether Mr Ambani's flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged.

While the coronavirus has curtailed some of tech giant Alibaba's businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps. Reliance Industries, by comparison, has no such silver lining.