Mukesh Ambani is now Asia’s richest, thanks to rising RIL stock prices

By: |
Published: November 2, 2017 11:34:55 AM

India’s richest man Mukesh Ambani, has now overtaken China’s Hui Ka Yan to become Asia’s richest person with a staggering net worth of $ 42.1 billion, backed by rising Reliance Industries Ltd stock prices.

Mukesh Ambani, has now overtaken China’s Hui Ka Yan to become Asia’s richest person, according to Forbes? real-time billionaire?s list. (Image: Reuters)

India’s richest man Mukesh Ambani, has now overtaken China’s Hui Ka Yan to become Asia’s richest person with a staggering net worth of $ 42.1 billion, backed by rising Reliance Industries Ltd stock prices. According to Forbes’ real time billionaire’s list, Mukesh Ambani’s personal wealth leapt by $466 million yesterday, with RIL shares soaring 1.22 percent to Rs 952.30 a piece on Wednesday. At the same time, wealth of China Evergrande Group’s Chairman Hui Ka Yan slumped by $1.28 billion to $40.6 billion on Wednesday.

India’s most valued company Reliance Industries crossed the Rs 6 lakh crore mark at the close of trade today, becoming the first company to reach this milestone. As at the end of yesterday, RIL commanded a market capitalisation (m-cap) of Rs 6,03,097.82 crore or about USD 93 billion when the stock market closed. Interestingly, in this year alone RIL has added a more than 2 lakh crore to its market capitalisation. On February 27th this year, RIL crossed the 4 lakh crore market capitalisation, and very soon rose to Rs 5 lakh crore, to trump TCS to become India’s most valued company in July this year. RIL is the country’s most valued firm followed by TCS with a mcap of Rs 4.98 crore, HDFC Bank which has 4.7 crore, ITC valued at Rs 3.28 crore and HDFC which has a market capitalisation of Rs 2.79 crore.

At International Advertising Association’s (IAA) Leadership Awards held in October this year, Mukesh Ambani shared his insights on the company’s rise, “Reliance completes 40 years of being a public company. I have been fortunate to be part of the journey from year one. I still remember that when I started off, I was a student of chemical engineering. At that time Reliance was less than 5 million dollars in enterprise value. And in 40 years within India, as an Indian company, we are now over 250 billion dollar in enterprise value. That has been a phenomenal journey,” Mukesh Ambani said.  

In September, Mukesh Ambani retained the top spot in the Forbes India Rich list 2017 for the 10th consecutive year! In the last year alone, the oil-and-telecom tycoon added $15.3 billion to his wealth, according to Forbes. Notably, Sunil Mittal,  also saw a huge jump in personal wealth on Wednesday. Mittal’s real time net worth according to Forbes surged by $751 million to $10.9 billion.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition