Maya Kodnani was not present in Naroda Gam on day of riots: Amit Shah tells court

Mar 10: Indian energy tycoon Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks.

The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and pushed him to No. 2 on the list of Asia’s richest people, according to the Bloomberg Billionaires Index. Ma, the Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Oil plunged the most in 29 years on Monday as Saudi Arabia and Russia vowed to pump more in a struggle for market share. The slump comes just as the coronavirus is spurring the first decline in demand in more than a decade. That raises questions about whether Ambani’s flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged. The plan hinges on a proposal to sell a stake in the group’s oil and petrochemicals division to Saudi Arabian Oil Co., the world’s biggest crude producer.

While the coronavirus has curtailed some of tech giant Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

Reliance Industries, by comparison, has no such silver lining. The Indian conglomerate’s shares plunged 12% on Monday, the most since 2009, extending this year’s decline to 26%. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Ma reclaims crown after Reliance shares were pummeled in 2020.

Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 Index and Dow Jones Industrial Average each plunged more than 7.5%, the most since the 2008 financial crisis, threatening to end the longest bull market in history. But no one did worse than those whose fortunes are underpinned by oil. Wildcatter Harold Hamm’s fortune was cut almost in half to $2.4 billion and fellow oil magnate Jeff Hildebrand lost $3 billion, bumping both from Bloomberg’s 500-member wealth ranking.

In a pivot toward new businesses such as telecommunications, technology and retail, Ambani’s Reliance Industries has piled on billions of dollars of debt over the years.

It spent almost $50 billion -- most of it funded by borrowings -- to build Reliance Jio Infocomm Ltd., which became India’s No. 1 wireless carrier within about three years of its debut. As the mobile venture took off, Ambani also unveiled plans for an e-commerce empire to rival Amazon.com Inc. in India.

Addressing concerns over the liabilities, Ambani pledged in August to cut the group’s net debt to zero from about $21 billion as of last March. The Aramco deal is crucial to that plan for which Reliance Industries has valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20% stake that’s for sale.

Signs of a potential delay to that deal unnerved some investors, hammering the stock since it touched a record high on Dec. 19.

Reliance Industries expected the Aramco transaction to be completed by March, but people familiar with the matter said in February that talks were still ongoing to bridge differences between the two parties over the deal’s structure.

Adding to the uncertainty, Indian Prime Minister Narendra Modi’s administration has petitioned a court to halt the proposed stake sale, threatening a key source of funds needed to pare net debt.

But Ambani, 62, may soon bounce back from the setback, said Harish H.V., managing partner at ECube Investment Advisors in Bengaluru, India.

“The game isn’t over,” he said. “Ambani has successfully built a robust business model which would keep him in the game. Moreover, his telecom business will start yielding results in coming years.”

Lucknow, May 19: The administration of the Sanjay Gandhi Post Graduate Institute of Medical Sciences (SGPGI) has ordered a probe into the cardiac procedure conducted on a corona positive patient in the hospital.

The patient underwent a cardiac procedure without being tested for corona before the surgery. He later tested positive for COVID-19, leading to panic among the staff and other patients.

The medical staff that came in contact with the patient were quarantined on Monday while the area was sanitized.

As per orders from the State Medical Education Department, even in emergency cases, patients are to be screened for Covid-19 before procedures are done.

According to the SGPGI administration, the incident took place late on Sunday night.

In an official statement, director, Prof R.K. Dhiman said, "The 63-year-old patient was a case of complete cardiac blockage and needed an urgent temporary pacemaker. The patient was admitted to the holding area of the institute and later shifted to the MICU for permanent pace making."

He said that when the patient's corona status was found to be positive on the Hospital Information System, she was shifted to the Rajdhani COVID Hospital.

The Director said, "Though the involved areas have been sanitized and healthcare workers were quarantined as per protocol, a probe has been ordered to investigate the lapses."

New Delhi, May 7: Food ordering and delivery platform Swiggy on Thursday said its co-founder and CTO Rahul Jaimini will move away from active role in the company during the month to pursue another entrepreneurial venture.

Jaimini will be joining Pesto Tech, a career accelerator start-up, as their co-founder, Swiggy said in a statement.

He will continue to be a shareholder and board member of Swiggy, it added.

Functions currently led by Rahul, including platform engineering, analytics, IT and labs, will be realigned to Dale Vaz, Head of Engineering and Data Science, who has been with the company for close to two years, the statement said.

"Technology was crucial to what we set out to build when we started Swiggy. Nandan (Reddy) and I could not have asked for a better partner to handle this aspect of the company," Swiggy co-founder and CEO Sriharsha Majety said.

It was Rahul's immense passion to 'build for the billions' that drove technological innovations that set Swiggy apart as we grew phenomenally over the years, he added.

"Working with technology that has large scale impact is what excites me, and I am grateful to have had the opportunity to do just this at Swiggy and grow tremendously over the years," Jaimini said.