New Delhi: Reliance Industries Chairperson Mukesh Ambani has lost his crown as Asia’s richest person after the latest rout across global markets wiped almost $ six billion of his fortune, according to the Bloomberg billionaire’s index.

According to Bloomberg, the world’s 500 richest people lost $ 238.5 billion on Monday, the biggest daily plunge since the index began tracking them in October 2016. Ambani was over taken by Chinese tycoon Jack Ma, the founder of Ali Baba whose fortune had fallen about $ 1.1 billion to $ 44.5 billion.

Jack Ma (55) had ceded the number 1 ranking in mid-2018. The slump in the oil prices raises questions about plans by Ambani’s Reliance conglomerate to cut debt as they hinge on sell a stake in its oil and petro chemicals unit to Saudi Aramco, said Bloomberg in a report. The carnage on global markets on Monday also lost Amazon founder and world’s richest man Jeff Bezos $ 5.6 billion and Berkshire Hathway’s Warren Buffett $ 5.3 billion, said Bloomberg.

However they still have fortunes of $ 111.8 billion and $ 76.4 billion respectively. Equity and oil markets went into melt down on what has been dubbed black Monday as growing fears about the economic impact of Covid-19 were compounded by Saudi Arabia’s decision to slash crude prices following a row with Russia over production cuts.