India’s Reliance hit by oil shock

The ongoing lockdown and the fall in global crude oil prices have hit the finances of Reliance Industries, run by India’s richest man, Mukesh Ambani. The oil-to-telecom conglomerate posted a 38.7% year-on-year decline in its consolidated net profit at 63.48 billion rupees (US$840 million) for the quarter ended March 2020. It posted a profit of […]