Reliance Industries' Mukesh Ambani lost the tag of Asia’s richest man to Jack Ma, the founder of the Alibaba group, after shares of Reliance Industry tanked on Monday.
As per the Bloomberg Billionaires Index, Ma’s net worth is currently about $2.6 billion more than Ambani's.
Forbes real-time net worth reportedly showed that Ambani’s net worth fell by $5.9 billion in a single day.
Stocks of Reliance Industries registered the biggest fall in over 10 years as it fell to Rs 1,094.95 per share. At 1.34 pm on Monday, it was trading at Rs 1,100, lower by Rs 170.05 or 13.39% from its previous close. The stock fell the most since October 2008.
The crash of the Indian stock markets was due a sell-off across sectors, led by financial, metal, energy and IT stocks - which weighed on the markets.
Further, crude oil prices also slumped around 30% on Monday as Organization of Petroleum Exporting Countries (OPEC) failed to agree on an output cut deal, eventually causing Saudi Arabia to cut its prices as it is likely to increase its production. Saudi Arabia's stance has already raised concerns of an all-out price war.
On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark, according to reports.
As per analysts, the oil market witnessed the worst price fall on Monday since the 1991 Gulf War.
The BSE Sensex registered its biggest single day fall in its history as it closed 1,941 points lower. The decline can be attributed to the persistent concerns of the coronavirus epidemic severely impairing the global economy, coupled with the crash in the crude oil markets witnessed earlier in the day.
Investors lost around Rs 7 lakh crore during the day due to the rout, analysts said.