The drop in Reliance’s oil refining unit was offset by strong growth in its telecom business, Jio, which saw its profits rise nearly 20% since the priorlast quarter. Ambani has tried to transform his conglomerate in recent years from an oil and petrochemicals giant into a company more focused on technology and digital services. , which has been hard hit amid the pandemic, by bolstering its telecom and e-commerce businesses.
Despite Reliance shares’ recent plunge, the stock is still up around 25% so far this year. That has massively boosted Ambani’s fortune, which has nearly doubled since theAmbani isn’t the only billionaire to see his net worth fall recently.
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