Mukesh Ambani reclaims top spot among Asia's richest billionaires
What's the story
Reliance Industries chairman and MD Mukesh Ambani has reclaimed the title of Asia's richest person, according to Forbes's Real-Time Billionaires list. The change comes after a major rally in Reliance shares, which surged nearly 12% on the BSE and NSE on Monday. The sharp rise in Reliance shares came after the company's latest quarterly results beat analysts' expectations.
Wealth increase
Ambani surpasses Zhang Yiming's wealth
The surge in Reliance shares has pushed Ambani's estimated net worth to $88.8 billion, a 10.5% increase from before.
This puts him ahead of Zhang Yiming, the co-founder of Chinese tech giant ByteDance, whose estimated fortune is $84 billion.
In Forbes's global billionaires list, Ambani ranks 22nd while Zhang is at the 25th spot.
Financial performance
Reliance's stellar quarterly results and stock surge
Reliance Industries reported a revenue of ₹25,550 crore (nearly $2.7 billion), beating Bloomberg's consensus estimate of ₹21,367 crore (around $2.3 billion).
The stock rally added over $19 billion to Reliance Industries' market capitalization, making it one of the biggest gainers in Monday's trading session on the Indian market.
Business expansion
India's most valuable company
Reliance Industries is India's most valuable listed company with businesses ranging from oil and gas to petrochemicals, retail, telecommunications, media, and financial services.
The latest rally adds to the gains recorded by Ambani's business empire after the stock market debut of Jio Platforms.
Reliance holds an approximately 66% stake in Jio Platforms, which had over 533 million subscribers as of June.
IPO success
Jio Platforms' successful market debut boosts Ambani's fortune
Jio Platforms, Reliance's telecommunications and digital services subsidiary, made its market debut on October 28 after raising around $3.2 billion through India's largest-ever initial public offering.
The company was valued at approximately $106 billion at the time of its listing.
Shares of Jio Platforms surged over 27% on their trading debut, reflecting strong investor demand for India's largest telecom operator.