Published 14:41 IST, July 17th 2020
Mukesh Ambani drops from 6th to 9th in Billionaires list post delay in Aramco deal
RIL chairman Mukesh Ambani slipped down slipped three places in the billionaires’ list after he revealed about the delay in the deal with Saudi Aramco.
Mukesh Ambani, chairman of Reliance Industries Ltd (RIL), slipped down slipped three places in the billionaires’ list after he revealed about the delay in the deal with Saudi Aramco. RIL was having a dream run in the stock market on the days leading to 43rd AGM since the investors were expecting some mega announcements by the company’s chairman.
While Ambani made some big announcements regarding Google investment and Jio 5G rollout timeline, he said that the deal with Saudi Aramco has not progressed as per the original timelines. Before the 43rd AGM, RIL stocks were trading at Rs 1973.3 and had pipped Alphabet co-founders Sergey Brin and Larry Page and Tesla CEO Elon Musk to become the world's sixth-richest person.
The disappointment of investors over the delay reflected in the share market as the RIL shares plunged by 6.15 per cent in intraday trade and ended at Rs 1,842.35, a 3.89 per cent dip. The plunge in share prices took Ambani from 6th position to the 10th position on the Bloomberg Billionaires Index. Fall in the stock price of Tesla Inc dragged Elon Musk from 8th to 10th place on the list, helping Ambani to climb to the 9th position.
Major announcements
During the virtual AGM meet, Ambani announced that Google will 33,737 crores for a 7.7 per cent stake in Jio Platforms and welcomed it as a strategic partner. Jio had recently roped in Qualcomm Ventures to invest Rs 730 crore for 0.15 per cent stake of the company.
The 63-year-old Indian business magnate said that Jio has developed a complete 5G solution from scratch, that will enable it to launch a world-class 5G service in India using 100 per cent homegrown technologies and solutions. He dedicated the Jio 5G Prime Minister Narendra Modi’s Aatmnirbhar Bharat initiative. The RIL chairman said that Jio’s network has held firm despite a huge surge in data traffic due to the COVID-19 pandemic.
Updated 14:41 IST, July 17th 2020