India’s top industrialist Mukesh Ambani has lost Asia’s richest man crown, acquiescing Jack Ma’s after oil prices dropped along with global stocks.

On Monday, when Reliance Industries stocks dropped by Rs 1,094.95 per share which is the largest drop in over 10 years, Mukesh Ambani lost $5.8 billion.

When oil prices crashed alongside global stocks amid mounting fears of coronavirus, Ambani’s net worth of billions of dollars was wiped.

Reliance Group Chairman Ambani now ranks number two in the list of Asia’s richest people according to the Bloomberg Billionaires Index.

Jack Ma has a fortune worth $44.5 billion and is now the continent’s richest man. Though coronavirus has affected Alibaba’s business, increased demand for its cloud computing services and mobile apps has alleviated the damage.

Yet Ambani’s Reliance Industries Ltd (RIL) experienced a dramatic dip in crude oil, resulting in a further decline in its share price.

Crude oil prices dropped by about 30% on Monday as the Organization of Petroleum Exporting Countries (OPEC) failed to agree on an output reduction agreement, causing Saudi Arabia to slash its prices as its demand is likely to rise.

The strategy employed by Saudi Arabia has already raised concerns over an all-out price war. The oil market, encountered Monday’s worst fall in prices since the Gulf War of 1991, as per the experts.

On Monday, the Indian equity market witnessed a bloodbath with the BSE Sensex posting the biggest single-day fall in its history as it closed 1,941 points lower. The recession was seen in global stock markets, as Dow Jones and S&P500 fell when they opened Monday.