On Monday after Reliance Industries shares surged nearly 12 per cent on the BSE and NSE. The rally lifted Ambani’s estimated net worth to $88.8 billion
Mukesh Ambani, chairman and managing director of Reliance Industries, reclaimed the title of Asia’s richest person after a sharp rally in the company’s shares added $8.5 billion to his wealth in a single trading session, according to Forbes’ Real-Time Billionaires list.
Ambani overtook Zhang Yiming, co-founder of Chinese technology company ByteDance, on Monday after Reliance Industries shares surged nearly 12 per cent on the BSE and NSE. The rally lifted Ambani’s estimated net worth to $88.8 billion.
The 10.5 per cent increase in his wealth pushed him ahead of Zhang, whose estimated fortune stood at $84 billion. Ambani was ranked 23rd on Forbes’ global billionaires list, while Zhang was placed 25th.
The sharp rise in Reliance shares followed the company’s latest quarterly results, which came in ahead of analysts’ expectations. The company reported revenue of Rs 25,550 crore, equivalent to around $2.7 billion, against the Bloomberg consensus estimate of Rs 21,367 crore, or approximately $2.3 billion.
The stock’s rally added more than $19 billion to Reliance Industries’ market capitalisation, making it one of the biggest gainers in the Indian market during Monday’s trading session.
How Reliance and Jio contributed to Ambani’s wealth
Reliance Industries, India’s most valuable listed company, has businesses spanning oil and gas, petrochemicals, retail, telecommunications, media and financial services.
More from BusinessThe latest rally adds to the gains recorded by Ambani’s business empire following the stock market debut of Jio Platforms, Reliance’s telecommunications and digital services subsidiary.
Jio Platforms 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 more than 27 per cent on their trading debut, reflecting strong investor demand for India’s largest telecom operator.
Reliance Industries holds an approximately 66 per cent stake in Jio Platforms, giving it significant exposure to the company’s market valuation. Jio had more than 533 million subscribers as of June, making it India’s largest mobile carrier.
Who is Zhang Yiming?
Zhang Yiming is the co-founder of ByteDance, the Chinese technology company behind short-video platform TikTok and its Chinese counterpart Douyin.
He founded ByteDance in 2012 and stepped down as its chairman in 2021. The company has since grown into one of the world’s largest privately held technology businesses, with operations spanning social media, artificial intelligence and digital content.
Zhang’s estimated wealth of $84 billion placed him behind Ambani following Monday’s movement in the billionaire rankings.
Reliance remains India’s most valuable company
Founded by Dhirubhai Ambani in 1957, Reliance Industries has expanded from its original business interests into a diversified conglomerate with a presence across several major sectors of the Indian economy.
The company has a market capitalisation of around Rs 17 lakh crore, or approximately $186 billion, according to Forbes.
Its businesses include Reliance Retail, Jio Platforms and its oil-to-chemicals operations. The group’s investments in telecommunications, digital services and retail have broadened its earnings base beyond its traditional energy businesses.
Ambani’s latest wealth surge comes as Reliance seeks to expand its consumer-facing businesses and strengthen its position in India’s digital economy.
(Disclosure: Firstpost is a part of the Network18 Group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
