Reliance Industries chairman Mukesh Ambani has reclaimed the position of Asia’s richest person after a sharp rally in the conglomerate’s shares added $8.5 billion (approximately ₹80,000 crore) to his estimated wealth in a single trading session. The nearly 12% surge in Reliance Industries shares on Monday, November 2, lifted Ambani’s net worth to $88.8 billion, according to Forbes’ Real-Time Billionaires list.
The 10.5% increase in his fortune helped Ambani overtake Zhang Yiming, co-founder of TikTok parent ByteDance, whose estimated wealth stood at $84 billion. Ambani climbed to 23rd place among the world’s richest individuals, while Zhang occupied the 25th position.
Reliance Industries shares jumped nearly 12% on Monday, adding more than $19 billion to the company's market capitalisation. The rally marked its strongest single-day share-price gain since April 2020 and reflected renewed investor confidence following better-than-expected quarterly earnings.
The sharp recovery was particularly significant because Reliance shares had declined more than 20% earlier in the year amid concerns over earnings growth and the performance of some of its businesses.
The latest rally also improved sentiment towards India's largest listed company by market capitalisation.
Reliance's financial performance for the September 2026 quarter provided the immediate trigger for the rally. The conglomerate reported consolidated gross revenue of ₹3,62,268 crore, an increase of 27.8% from a year earlier. EBITDA climbed 23.9% to a record ₹62,409 crore.
Profit attributable to shareholders increased 40.6% to ₹25,548 crore, while total consolidated profit after tax, including the share of associates and joint ventures, reached ₹29,550 crore.
The oil-to-chemicals business delivered an impressive performance, with EBITDA rising 67.9% to ₹25,203 crore, supported by stronger fuel margins.
Digital services also contributed to growth, generating EBITDA of ₹22,223 crore, up 17.7% year-on-year.
Another major factor supporting investor sentiment was the successful stock-market debut of Jio Platforms, Reliance's telecommunications and digital services subsidiary.
Jio listed on October 28 following India's largest-ever initial public offering, which raised approximately ₹30,188 crore. The stock gained around 27% on its debut, establishing Jio as India's second-most valuable listed company after Reliance Industries.
Reliance retains approximately 66% ownership in Jio, allowing the parent company to benefit significantly from its market valuation.
The separate listing has also provided investors with greater visibility into the valuation of Reliance's digital business.
The strong quarterly performance prompted brokerage Avendus Spark to upgrade Reliance Industries from 'reduce' to 'add'.
According to Bloomberg, the company had 32 buy recommendations and no hold or sell ratings for the first time since 2017, highlighting the improvement in market sentiment.
For Ambani, the rally represents a remarkable recovery in personal wealth. However, billionaire rankings remain sensitive to daily stock-price movements.
Whether Ambani retains Asia's top position will depend largely on Reliance's future share-price performance, sustained earnings growth and Jio's ability to justify its elevated market valuation.
