Mukesh Ambani, Reliance Industries MD and Indian energy tycoon, is no longer Asia’s richest man after he lost $5.6 billion on the back of a severe decline in RIL's share price. Mukesh Ambani lost his Aisa's riches man crown to Jack Ma, the co-founder of Alibaba Group.
According to the Bloomberg Billionaires Index, Jack Ma, the co-founder of Alibaba Group and the richest person in China is now back to the top with a $44.5 billion fortune while Mukesh Ambani stands at 2nd with $42.2 billion.
Ambani's losses stemmed from 31 per cent decline in crude oil prices as Saudi Arabia started a price war with Russia.
Last week, after Facebook CEO Mark Zuckerberg, Ambani was the second-biggest hit, Forbes reported, as global markets continued to fall due to coronavirus fears.
With oil prices and global stocks collapsed in 29 years on Monday, Ambani became poorer by over Rs 41, 700 crores as shares of Reliance Industries plunged 13 per cent.
Ambani, 62, may soon bounce back from the setback, said Harish H.V., managing partner at ECube Investment Advisors in Bengaluru.
"The game isn't over," he said. "Ambani has successfully built a robust business model which would keep him in the game. Moreover, his telecom business will start yielding results in coming years."