Mukesh Ambani has resigned as the director of Reliance Jio Infocomm Limited, the digital arm of Reliance Industries Limited. His son Akash Ambani, a non-executive director, has been named as the new chairman of the company, will take over as the chairman of India’s telecom market leader.

According to the decisions taken at Jio's Board of Directors meeting held on Monday, Mukesh Ambani resigned as the director of the company, effective from June 27. Pankaj Mohan Pawar took over as the Managing Director of the company on June 27.

Mukesh Ambani has been ranked 10th richest in the Forbes billionaires list for 2022 and is only Indian to make it to the coveted top 10 list. His net worth is estimated to be $100.1 billion.

Reliance Industries stock closed at Rs 2,529.00 on BSE, 1.49 per cent higher than Monday's close. It climbed by 1.50 per cent to settle at Rs 2530.00 on NSE.

According to TRAI data, India's largest telecom operator, Reliance Jio, gained 16.8 lakh mobile subscribers in April, cementing its lead in the market.

In 2021, Ambani said that his kids were taking more responsibilities as part of the leadership shift. He said he could see in his children the same spark and potential of his father Dhirubhai Ambani – Reliance’s founder – for contributing to the country's growth.