Reliance slips 59 places on Fortune list, SBI jumps 16 notches

Billionaire Mukesh Ambani’s oil-to-telecom conglomerate Reliance Industries Ltd 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 USD 524 billion, followed by China’s State Grid at USD 384 billion. With USD 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 USD 63 billion, mostly because oil prices plunged in the second quarter of 2020 when the global spread of the pandemic wiped away demand.