Synopsis
The RIL stock has fallen 15 per cent in the last three months, compared with a 21 per cent rise in Nifty50.
Reliance Industries chairman Mukesh Ambani
NEW DELHI: At some point last year, Reliance Industries (RIL) played a major role in the rebound that the benchmark equity indices stages from their March lows.
The rally in RIL shares was such that it helped Mukesh Ambani climb up the billionaires’ ranks to become the world’s fourth richest with a fortune of nearly $90 billion.
This was when the stock hit a record high of Rs 2,368.80 in September 2020. Since then, the stock has come off 19 per cent, and Ambani s fortunes have dropped to $73.9 billion. He is no more in the top 10 billionaires list. The dominance of RIL shares in the market benchmarks has also reduced significantly, though most brokerages still remain bullish on the stock.