NEW DELHI: Mukesh Ambani's Reliance Industries Ltd slipped 59 places to rank 155th on the 2021 Fortune Global 500 list released on August 2. 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% 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. Other Indian oil companies on the list too slipped ranks as their revenues tumbled because of the fall in oil prices.
State Bank of India moved up 16 places to rank 205 but Indian Oil Corporation dropped 61 places to 212th rank. This is the second consecutive year of SBI improving its ranking. It had moved up 15 places last year. Oil and Natural Gas Corporation was ranked 243rd, 53 notches lower than last year's ranking. Rajesh Exports was another firm that improved its ranking with a massive 114 positions jump to 348th rank.
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