Mukesh Ambani loses $5 billion from his net worth as oil sinks RIL shares

News Network
November 2, 2020

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Mukesh Ambani, Asia’s richest man, lost as much as $5 billion from his net worth as Reliance Industries Ltd’s shares tumbled to the lowest price in more than three months following a drop in quarterly profit.

The stock of India’s most-valuable company fell as much as 6.8% in Mumbai on Monday as of 12:21 pm, slipping the most since May 12 and touching the lowest since July 20. The benchmark S&P BSE Sensex only declined as much as 0.7%. The slide also shaved down Ambani’s wealth to about $73 billion to mark his worst day since March, according to the Bloomberg Billionaires Index.

The refining-to-retail conglomerate reported a 15% decline in quarterly profit to Rs 9,570 crore ($1.3 billion) late on Friday, as the coronavirus pandemic hit fuel demand. Revenue fell 24% to Rs 1.16 lakh crore.

Reliance’s oil refining unit has suffered a plunge in demand for transportation fuels, with Covid-19 forcing people to stay home. The conglomerate is in the midst of a transformation led by Ambani, 63, as he looks to turn the oil-and-petrochemicals giant into a technology and digital services company by bolstering its telecom and e-commerce businesses.

Reduce Dependence

The slip in earnings backs Ambani’s strategy and highlights the increasing need for Reliance to reduce its dependence on the energy sector and boost businesses that seek to leverage India’s billion-plus consumers.

Reliance’s gross refining margin -- or profit from refining a barrel of crude oil into fuels -- fell to $5.7 per barrel in the latest quarter compared with $9.4 a year earlier, the company said. Meanwhile, the profit at its telecom business under Reliance Jio Infocomm Ltd. nearly tripled over the same period.

Reliance shares have rallied about 29% this year, while Sensex has slipped 4%, as investors cheered Ambani’s fundraising spree that saw Reliance mop over $25 billion by selling stakes in its digital and retail units. The jump also triggered one of the biggest wealth surges as Ambani amassed $19.1 billion in 2020 through Friday, becoming the world’s sixth-richest person, according to the Bloomberg Billionaires Index.

“The stock is correcting a part of its sharp gains registered over the last few months,” said Arun Kejriwal, founder at KRIS, an investment advisory firm in Mumbai. “Now, the market is booking its profits.”

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News Network
December 5,2025

Mangaluru: In a significant step to curb online hate and intimidation, Mangaluru City Police have registered a suo motu case against multiple Instagram accounts accused of circulating alleged provocative and threatening content.

While monitoring social media activity on Tuesday, Kankanady Town PSI Anitha Nikkam identified the Instagram handle ‘team_targetttt_900’ for posting a hate message alongside images of lethal weapons. Another account, ‘team_nagara_900’, allegedly shared a threatening post targeting activist Bharath Kumdelu, tagging additional pages such as KARAVALI-OFFICIAL.

Several other accounts — including ‘immu_bhai.fan’, ‘target_boy_900’, ‘kings_of_manglore’, ‘team_target_boys.900’, ‘arshad_mangalore’, ‘target_ka19_ullal’, ‘team_target__’, ‘troll_tigersz_900’, ‘tr_group_900’, and ‘team_target_900’ — are also under scrutiny for spreading similar inflammatory material, police said.

Authorities have urged citizens, especially young social media users, to report suspicious pages and avoid engaging with groups that glorify violence or threaten individuals. Online hate can quickly escalate into real-world harm, and police stress that sharing or promoting such content can attract legal consequences.

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News Network
November 26,2025

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Bengaluru, Nov 26: Karnataka is taking its first concrete steps towards lifting a three-decade-old ban on student elections in colleges and universities. Deputy Chief Minister D.K. Shivakumar announced Wednesday that the state government will form a small committee to study the reintroduction of campus polls, a practice halted in 1989 following incidents of violence.

Speaking at a 'Constitution Day' event organised by the Karnataka Congress, Mr. Shivakumar underscored the move's aim: nurturing new political leadership from the grassroots.

"Recently, (Leader of the Opposition in Lok Sabha) Rahul Gandhi wrote a letter to me and Chief Minister (Siddaramaiah) asking us to think about restarting student elections," Shivakumar stated. "I'm announcing today that we'll form a small committee and seek a report on this."

Student elections were banned in Karnataka in 1989, largely due to concerns over violence and the infiltration of political party affiliates into campus life. The ban effectively extinguished vibrant student bodies and the pipeline of young leaders they often produced.

Mr. Shivakumar, who also serves as the Karnataka Congress president, said that former student leaders will be consulted to "study the pros and cons" of the re-introduction.

Acknowledging the history of the ban, he added, "There were many criminal activities taking place back then. We’ll see how we can conduct (student) elections by regulating such criminal activities."

The Deputy CM reminisced about his own journey, which began on campus. He recalled his political activism at Sri Jagadguru Renukacharya College leading to his first Assembly ticket in 1985 at the age of 23. "That's how student leadership was at the time. Such leadership has gone today. College elections have stopped," he lamented, adding that for many, college elections were "like a big movement" where leaders were forged.

The move, driven by the Congress high command's push to cultivate young talent, will face scrutiny from academics and university authorities who have, in the past, expressed concern that the return of polls could disrupt the peaceful academic environment and turn campuses into political battlegrounds.

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News Network
November 30,2025

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Mangaluru, Nov 30: A 22-year-old college student succumbed to her injuries at a private hospital in Mangaluru today, days after she was hit by a goods tempo while crossing a road in Padubidri.

The deceased has been identified as Preksha, a resident of Nadsalu Billitota in Padubidri. The fatal incident occurred as Preksha, who was returning home after completing her examination, attempted to cross the service road towards Mangaluru. She was struck by a goods tempo approaching from the Udupi side, causing her to fall and sustain a severe head injury.

Prompt action from local residents ensured she received immediate first aid before being rushed to a hospital in Mangaluru for specialised treatment. Despite medical efforts, she passed away while undergoing care.

Preksha was a student at Karavali College, Vamanjoor on the outskirts of Mangaluru city. The tragedy is compounded by the fact that she belonged to a financially vulnerable family, having previously lost her father. She is survived by her mother and brother.

A case related to the accident has been registered at the Padubidri police station, and an investigation is underway to determine the exact circumstances that led to the collision. The incident highlights the growing concerns over road safety, particularly on busy service roads, and serves as a tragic reminder of the human cost of traffic accidents.

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