Indian Industrialist and Chairman of Reliance Industries Limited (RIL) Mukesh Ambani has lost his tagline of Asia's richest man after his net worth has plummeted due to the unprecedented plunge in the stock markets over the spread of Coronavirus, that has become a global pandemic and the decline in the oil prices.

Mukesh Ambani's place was toppled and succeeded by Jack Ma, the Chinese business magnate and the founder of the Alibaba Group Holding. Ma has now become Asia's richest man, the crown that was decorated by Ambani since 2018. Mukesh Ambani has descended one spot and fell behind Jack Ma after RIL's share prices had seen downtrading and the simmering downfall trend of the stock markets at the global stage had largely impacted the Reliance Industries, which is India's most valuable conglomerate by the market value.

On Monday, Mukesh Ambani was estimated to have lost Rs 40,000 crore from his net worth after the market downfall and the decline of oil prices. The market uncertainty had resulted in his company to suffer the biggest loss in 12 years. The share prices of RIL had declined by 13% and the company's market value has also decreased from Rs 10 lakh crore to Rs 7 lakh crore. After Ambani has lost 12% of his wealth, his competitor Jack Ma has succeeded him to take the first place as Asia's richest man.

The crown went to Jack Ma as he has a net worth of USD 44.5 billion (Rs 3.11 lakh crore) while Mukesh Ambani has a net worth of USD 41.8 billion, making him the richest man in India. With the current figures, Jack Ma surpassed Ambani by having Rs 18,200 crore more than Ambani's recorded wealth, according to the Bloomberg Billionaires Index. In 2018, Mukesh Ambani had added USD 4 billion to his fortune and he was worth USD 44.3 billion through which he toppled Jack Ma, who was then worth USD 44 billion.

Despite the coronavirus has curtailed some of Jack Ma's businesses, the increased demand for his cloud computing services and mobile apps had pillared further collapse and strongly cemented to bestow with the crown of Asia's richest man. The deadliest epidemic had resulted in a decrease in oil prices as the global demand for the oil has been hitting low due to the indefinite closures of the companies, factories, and all the channels of transports. 

The oil prices fell more than 25% and the current stooping low of the prices would be the biggest one-day decline in 29 years and the decision of decreasing the price had contributed by Saudi Arabia, one of the leading crude oil producers in the world. The decline in the oil prices had largely affected the Reliance Industries Limited, which is the world's sixth-largest oil production company and Mukesh Ambani is the largest shareholder in RIL. The COVID19 outbreak and the decline in the oil prices had paralyzed the global markets by causing unprecedented damage by leaving no idea of when the markets will soar high.

Also read: Mukesh Ambani lost Rs 40,000 crore in a day due to the plunging stock market!