Chairman Mukesh Ambani owned and managed Reliance industries has been topping the news headlines from quite a time now. Mukesh Ambani addressed the 43rd Reliance’s Annual General Meeting. He was performing fantastically and rocking the stock market with several investments made in its digital arm by global leaders including Facebook and Qualcomm. All this made him reach the sixth rank in the Bloomberg billionaires index.
However the Reliance general Meeting didn’t turn out to be a good event as per the investors in the stock market full stop the stocks of the company dropped below 6% during the AGM. Mukesh Ambani due to all this lost more than dollar 2.5 billion in his wealth, consequently dropping him down to the tenth place in the billionaires list from previously held 6th spot. Now, holding a net worth amounting to dollar 69 billion, Ambani has come behind Larry Page, Warren Buffet, Elon Musk, and Sergey Brin. Before the AGM, he had successfully left all these global tycoons behind to reach the sixth spot.
Mukesh Ambani: On Wednesday around 2:00 p.m. stocks of Reliance industries were being traded at rupees 1973.3 when the annual general meeting started. Interestingly, within a time span of one and a half hours during which the meeting was going on, the shares dropped to Rs. 1842.35 while the price of the share on Thursday morning stored at Rs. 1851.90.
The annual general Meeting had its Central focal point at Jio and the several investments that had been made and that are expected to be made in the near future. Jio platforms had successfully scored $ 4.5 billion investment from Google lately. The AGM also mentioned the delay that is being occurred in the deal with Saudi Aramco, which is expected to be the root cause behind the fall in prices. Mukesh Ambani said that the Saudi Aramco deal for equity investment in o2c business has been delayed and has not taken off as planned by the original timeline.