In a major setback for billionaire Mukesh Ambani - the richest person in Asia- Reliance Industries has witnessed a major slump in its market cap in the second quarter of the current financial year losing a whopping $50 billion (around Rs 4.2 lakh crore) in market value since the company had hit a high in July this year. According to market experts the sharp decline in Reliance Industries market capitalization is due to poor profitability and financial difficulties faced by the Mukesh Ambani-led conglomerate which has its hands in multiple sectors ranging from oil refining to retail and telecom. Reliance Industries stock barely saw any increase this year as it fell short of the NSE Nifty 50 Index benchmark with the largest gap in almost a decade. The decline in the conglomerates stock comes following its last months underwhelming performance which experts have attributed to weak demand environment for its main oils-to-chemicals sector. Notably Reliance Industries earnings underperformed consensus projections for the sixth consecutive quarter leading to a major loss in market value which is being pegged at around Rs 4.2 lakh crore. Mukesh Ambani the Chairman of Reliance Industries has also witnessed a decline in his personal wealth owing to the underwhelming performance of his companies. Ambani who was once placed 11th on the global rich list has now dropped to the 17th place on the Bloomberg Billionaires Index due to a steady decline in wealth with his net worth shrinking to $100 billion. The Indian billionaire now bears the risk of rosing his place in the coveted $100 billion club if the trend continues. According to Forbes Mukesh Ambani has a real-time net worth of $102.5 billion as of November 8 2024.