New Delhi: With oil prices and global stocks collapsing, Monday was a bloodbath for global business. Mukesh Ambani, as reported, lost $5.6 billion and is no more Asia’s richest man. According to the Bloomberg Billionaires Index, Jack Ma is now back to the top with a $44.5 billion fortune while Mukesh Ambani stands at 2nd with $42.2 billion. Also Read - Mayhem in Energy Markets, Oil Prices Log Worst Fall Since Gulf War

Ambani emerged as the second-biggest loser last week, after Facebook CEO Mark Zuckerberg, Forbes reported, as global markets continued to fall due to coronavirus fears. With people shelving travel plans due to the deadly virus outbreak, oil prices have reached their lowest levels in several years. This affected the share price of Reliance Industries, Ambani’s oil-to-telecom conglomerate, which runs the world’s biggest refining complex in Jamnagar, Gujarat. Also Read - Asian Stocks Plunge Amid COVID-19 Scare, Oil Prices Dive

RIL shares plunged 12 per cent on Monday, the most since 2009. Also Read - Mukesh Ambani's Reliance Industries Becomes First Indian Firm to Jump Rs 10 Lakh cr Mark on Market Capitalisation

According to the Bloomberg report, “Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 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.”