Mukesh Ambani who is Asia’s richest man owns the most valuable company which is reliance Industries. As the chairman of reliance industries which works in several sectors such as retail,telecom and oil, Ambani has a net worth of Rs 976320 crore.
On Monday, Reliance saw its market value plunge by 73,470.59 crore, bringing it down to ₹20,30,488.32 crore. This happened after Reliance shares fell over 3% following a 5% decline in the company’s net profit for the June quarter due to which Reliance loses INR 73470 crore in a day.
The blue-chip stock dropped 3.49% to close at ₹3,001.10 on the BSE. During the day it fell as low as ₹2,998.80. On the NSE, the stock went down 3.41% to ₹3,004. In terms of trading volume 1.90 lakh shares were traded on the BSE while 98.37 lakh shares were traded on the NSE throughout the day.
Reliance loses INR 73470 crore in a day just after the popular and over celebrated wedding of his son Anant Ambani who married to Radhicka Merchant. Mukesh AMbani the owner of Reliance Industries spent a huge amount on his son’s wedding due to which the wedding was the most expensive wedding.
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Why Reliance loses Rs 73470 in a single day?
The main reason for the drop in Reliance Industries shares is the disappointing quarterly results. Reliance’s profits fell by about 20% on a quarterly basis. In the January-March quarter, the company made a record profit of ₹18,951 crore. However, in the first quarter of the current financial year, the profit dropped to ₹15,138 crore. In the same quarter last year, the profit was ₹16,011 crore. This means the company’s profits have decreased by 5.45% on a yearly basis due to which Reliance Loses INR 73470 Crore in a Day.
Stock Performance and Investor Losses
Despite a 3.5% drop on Monday, Reliance’s stock has surged over 35% from its low point around nine months ago. On October 26, 2023, the stock hit a 52-week low of ₹2,221.05. Since then it has increased by ₹780.05 per share.
On Monday, investors faced significant losses. Many people in the country have put their money into Reliance shares. To illustrate, let’s say an investor holds 10,000 shares of Reliance. On Friday, the shares dropped by ₹108.40 each. This means the investor lost ₹10.84 lakh which is a considerable amount.
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