Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2024-25, causing significant volatility in the stock market.
On Tuesday, at one point, the BSE Sensex plummeted by 1,500 points but later recovered, closing with a modest decline of 70 points. The shares of Reliance Industries, the country’s most valuable company, ended lower.
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The dip in Reliance’s shares led to a reduction in Chairman Mukesh Ambani’s net worth by $1.1 billion (approximately Rs 9,206 crore), bringing his net worth to $112 billion according to the Bloomberg Billionaires Index.
On Monday, shares of Reliance Industries fell by over 3.24%. This drop came in the wake of the company’s first-quarter financial results, which failed to meet market expectations. Despite a 12% year-on-year increase in revenue to Rs 2.36 lakh crore, Reliance reported a consolidated profit of Rs 15,138 crore, marking a 5% year-on-year decline. This profit figure significantly missed analysts’ forecasts, leading to the notable decline in the company’s stock price.
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On Wednesday, the shares of Reliance Industries closed in green at Rs 2990.65. The 52 week high and low of the share is Rs 3,217.90 and Rs 2,221.05 respectively. According to the BSE analytics, the shares have given returns of 20.22 per cent in the last 1 year.
Top 10 Richest IndividualsElon Musk, the world’s wealthiest person, saw his net worth decrease by $3.67 billion on Tuesday, while Jeff Bezos’s net worth rose by $3.71 billion. Musk remains at the top with $262 billion, followed by Bezos at $209 billion.
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French business magnate Bernard Arnault ranks third with $196 billion, followed by Mark Zuckerberg ($174 billion), Larry Page ($162 billion), Bill Gates ($159 billion), Larry Ellison ($158 billion), Steve Ballmer ($153 billion), Sergey Brin ($152 billion), and Warren Buffett ($137 billion). Notably, nine out of the world’s top ten richest individuals are from the United States.
