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The richest man of India, Mukesh Ambani has become poorer by around $7 billion as the stock market saw a sell off in Reliance shares making him slip to the 9th position in the Forbes list of billionaires. He now ranks behind Google co-founder Larry Page.
The price of Reliance shares fell to Rs 1,871.90, it’s lowest in over three months. On October 30, Reliance posted it’s second quarter earnings and it is seen that the company’s profits declined by 32.5%. Besides this, Mukesh Ambani has another issue to deal with. It’s the legal tussle with Amazon over the Reliance- Future Retail deal.
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