AGENCIES, Mumbai: It’s no secret the coronavirus outbreak has taken its toll on the global financial market where stock prices have come tumbling down besides the crude oil prices situation created by Saudi Arabia and Russia.
Investors of all hues and shades have been impacted and among the worst hit is India’s Reliance Industries chairman Mukesh Ambani. As per a report by Bloomberg Billionaires Index, Ambani is no longer Asia’s richest man as the title has been taken over by Alibaba’s Jack Ma.
Global stock markets have shuddered due to mounting fears that the novel coronavirus will thrust the world into a recession. In the process, it has erased $5.8 billion from Ambani’s net worth.
Jack Ma, of Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, which is approximately $2.6 billion more than Ambani.
While the coronavirus has impacted some of Alibaba’s businesses, the damage has been offset by increased demand for its cloud computing services and mobile apps.
Reliance Industries, by comparison, has no such silver lining. Reliance shares plunged 12 per cent on Monday, the most since 2009, extending this year’s decline to 26 per cent. Meanwhile, Alibaba’s American depositary receipts have slipped 6.8 per cent so far in 2020.