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Mukesh Ambani loses Asia's richest man title to Jack Ma

12
Mar '20
Mukesh Ambani. Pic: Reliance Industries Ltd
Mukesh Ambani. Pic: Reliance Industries Ltd
Chairman and managing director of India’s Reliance Industries Mukesh Ambani recently relinquished the title of Asia’s richest man to Alibaba Group Holding Limited founder Jack Ma after oil prices collapsed along with global stocks. The rout erased $5.8 billion from Ambani’s net worth on March 9, according to the Bloomberg Billionaires Index.

Ma, who relinquished the top rank in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Amid the plunge in oil prices, as the coronavirus outbreak is spurring the first decline in demand in more than a decade, questions are being raised whether Reliance Industries will be able to cut net debt to zero by early 2021, as he has pledged. A proposal to sell a stake in the group’s oil and petrochemicals division to Saudi Arabian Oil Co., the world’s biggest producer, is key to the plan.

While the coronavirus has curtailed some of Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps, according to a report by Bloomberg.

Reliance Industries shares plunged by 12 per cent on March 9, the most since 2009, extending this year’s decline to 26 per cent. Alibaba’s American depositary receipts have slipped by 6.8 per cent so far in 2020.

Fibre2Fashion News Desk (DS)


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