Reliance to start Petrochemical business: 37,200 crore rupees Mukesh Ambani sinks in a few hours, know – why there was such a big drop suddenly.
Reliance Industries reported a 15 per cent lower profit in quarterly results. The company has a profit of Rs 95.7 billion. Not only this, but the company’s revenue has also declined by 24 per cent. Reliance Group achieved revenue of Rs 1.16 billion in the September quarter.
Mukesh Ambani, Asia’s richest man, has suffered a loss of Rs 37200 crore in just a few hours. This was due to Reliance Industries’ lower than expected profit in quarterly results. As of 12 noon on Monday, the shares of the most valuable company in the country fell by 6.8 per cent. This is the first biggest decline since May 12, apart from the first time since July 20, the company’s shares are at their lowest level. Huh. Mukesh Ambani’s wealth has also declined due to this decline.
According to the Bloomberg Billionaires Index, Mukesh Ambani’s wealth has fallen so much for the first time since March. His wealth is now close to $ 73 billion.
Reliance Industries, which intervenes from refining to the related sector, reported a 15 per cent lower profit in quarterly results. The company has a profit of Rs 95.7 billion. Not only this, but the company’s revenue has also declined by 24 per cent. Reliance group achieved Rs 1.16 trillion in the September quarter.
In fact, during the Lokdawn implemented due to Corona crisis, there has been a sharp decrease in the demand for oil. This has also impacted the company’s profits and revenue. However, the company has rapidly changed its strategy. Reliance Industries has now decided to move beyond oil and petrochemicals business towards technology and digital services.
This decline in the profits and revenue of Reliance Industries has proved that Mukesh Ambani is following the right strategy. The company has increasingly tried to reduce its dependence on petrochemicals and energy sector businesses. Due to this, Mukesh Ambani has invested up to Rs 1.5 lakh crore in Reliance Jio from many global companies including Facebook and Google.