The Fact News Service

Mukesh Ambani slips 3 places on global rich list. What bugged RIL stock?

Spread the love

The Fact News Service

November 3

Shares of oil-to-telecom conglomerate Reliance NSE 0.27 % Industries (RIL) were hammered in trading on Monday after the company on Friday posted a 15 per cent year-on-year (YoY) drop in September quarter net profit, as the pandemic hit sales of most of its products. The index heavyweight tumbled 8.62 per cent to Rs 1,877, while partly-paid shares of the company tanked 10 per cent to hit the lower circuit limit and close at Rs 1,066. The decline eroded more than Rs 1 lakh crore from the company’s  market capitalization.

According to a report in The Economic Times, the sharp drop in the stock shaved off $6.8 billion from Mukesh Ambani’s net worth, and pushed him down from sixth rank on the world’s rich list to ninth place, with his net worth down at $71.5 billion, according to Forbes Real Times Billionaires List.

Earlier in the day, Macquarie came up with an “underperform” rating for the stock, and maintained it target price at Rs 1,320. Even after Monday’s steep selloff, this would imply a downside of 30 per cent.

After Monday’s sharp fall, the stock is off 20.7 per cent from its record high of Rs 2,368 hit on Sep. 16, but up 116 per cent from its March low.

The rapid surge in stock price until September had become a headache for domestic mutual funds, as regulatory norms do not allow actively-managed funds to own more than 10 per cent of a single stock, implying they could not add more Reliance Industries shares to their schemes.

[supsystic-social-sharing id="1"]
judi online bonanza88 slot baccarat online slot idn live situs idn poker judi bola tangkas88  dolar138pragmatic play sbobet slot dana casino online idn pokerseri joker123 selot