RIL slips 59 notches on Fortune list
With $524-bn revenues, Walmart retains top slot followed by China's State Grid at $384 bn SBI up by16 to 205th place
Reliance Ind shares nosedive as mkts under bear grip
Billionaire Mukesh Ambani's oil-to-telecom conglomerate Reliance Industries Ltd (RIL) slipped 59 places to rank 155th on the 2021 Fortune Global-500 list released on Monday.
Reliance took a beating on the rankings as revenues dropped owing to the Covid-19 pandemic. This is its lowest ranking since 2017. Walmart continues to top the Fortune list with a revenue of $524 billion, followed by China's State Grid at $384 billion. With $280 billion revenue, Amazon came in at the third spot, replacing Chinese giants. China National Petroleum was ranked fourth and Sinopec Group fifth. Reliance's revenue fell 25.3 per cent to $63 billion, mostly because oil prices plunged in the second quarter of 2020 when the global spread of the pandemic wiped away demand.
