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Reliance Industries Chairman Mukesh Ambani is no longer the richest man in Asia, owing to the recent freefall in oil prices.
The persistent concerns of severe impact of the coronavirus epidemic coupled with the recent carnage in the oil markets have erased $5.8 billion from the RIL chief's net worth.
Energy markets went into a free fall on Monday with oil prices across variants plunging around 30 percent, the biggest fall since the 1991 Gulf War. The slide comes after Saudi Arabia shocked the market by launching a price war after no consensus was arrived between OPEC and Russia to cut crude oil production as part of market stabilisation exercise.
The shares of Reliance Industries (RIL) recorded its worst fall in around 10 years on Monday as it fell to a low of Rs 1,094.95 per share.
Following the fall in share price, RIL also lost the crown of the company with the highest market capitalisation in India to Tata Consultancy Services (TCS). At the end of trade on Monday, the market capitalisation of RIL stood at Rs 7.05 lakh crore, while that of TCS was Rs 7.40 lakh crore.
On top of the Bloomberg Billionaires Index is the Amazon CEO Jeff Bezos with a net worth of $112 billion, followed by Microsoft co-founder Bill Gates with a fortune of $106 billion.
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