Mukesh Ambani flags economic pain in his books as virus devastates India

Reliance Industries Ltd., India’s largest company by market value and one that’s considered a bellwether for the broader economy, said it hasn’t escaped a devastating new wave of the coronavirus and warned of more pain unless the surge is quickly curbed.

“The outbreak of coronavirus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The Group’s operations and revenue during the period were impacted due to COVID-19,” the company, led by Mukesh Ambani, Asia’s richest person, said in a footnote in its earnings statement Friday. It added that the group has accounted for the possible impact of the outbreak in preparing its financial results.