Mukesh Ambani witnessed a major setback during the recent stock market crash, while his brother Anil Ambani experienced a remarkable turnaround. Check the details here.
Mukesh Ambani, one of the world’s richest men, experienced a major setback as his wealth plunged due to the recent crash in the Indian stock market. His net worth dropped by USD 1.62 billion (around Rs 13,612 crore) within a few hours during the market crash. Notably, the Indian stock markets—NSE and BSE—continued to experience a bloodbath throughout the week, with the Sensex falling by over 4,000 points. Investors lost Rs 16 lakh crore during this market crash phase.
Anil Ambani Company’s Stocks Surge Amid Market Crash
Anil Ambani witnessed a remarkable turnaround as Reliance Power and Reliance Infrastructure saw a continuous rise in their stock prices, even during the market crash. In contrast, Mukesh Ambani faced losses.
In just a span of 10 days, Reliance Power’s stock price took a leap from Rs 36 to Rs 53.64, ramping up the firm’s value by an impressive amount of above Rs 4,000 crore. Similarly, Reliance Capital also enjoyed a significant upturn, growing its market capitalization from a solid Rs 16,000 crore to a whopping Rs 20,000 crore.
Anil Ambani had a remarkable September – his company, Reliance Power, has successfully become debt-free, while Reliance Infra has managed to slash its debts by a whopping 80%. As a result, there’s a surge in the number of orders these companies are receiving, and investors are showing increased interest.
Sanjay Dangi and Sanjay Kothari, two prominent equity investors, have plans up their sleeve to funnel a whopping Rs 925 crore into Reliance Power. Notably, the company has recently bagged a lucrative deal to harness a total of 1,270 MW of solar and hydropower potential in the picturesque land of Bhutan.