The stock market was volatile throughout the day on October 16. As a result, many stocks climbed to a new height while some dragged. The up and down of the share prices have a direct impact on the company's market valuation.

Reliance Industries Limited (RIL) chairman Mukesh Ambani is Asia’s richest person and runs a business conglomerate with a market cap of Rs 18.20 lakh crore.

On Monday, Reliance reported a 5 per cent fall in the July-September quarter net profit as weak oil refining and petrochemical business hurt operational performance.

Billionaire Elon Musk has appreciated the Central government's stance that India will allot spectrum for satellite broadband administratively and not via auction. Musk had strongly opposed rival billionaire and Reliance Industries Chairman Mukesh Ambani's push for spectrum auction and criticised it as “unprecedented".

Telecom Minister Jyotiraditya Scindia has announced that India will follow the global trend of administrative spectrum allocation.

Elon Musk’s Starlink Inc. has logged a win in the fight for India’s satellite broadband market with a government minister saying the spectrum will be allocated, and not auctioned as sought by homegrown billionaires Mukesh Ambani and Sunil Mittal.