Mukesh Ambani, owner of India's telecom-to-oil giant Reliance Industries, has announced that he will “forego his entire salary until the impact of Covid-19 abates”, Reuters reports.

Reliance on Thursday reported a steep fall in quarterly profits as the global crude slump and the coronavirus pandemic rocked its key energy refining business.

The company said its consolidated net profit for the March quarter fell 39 per cent to 63.48 billion rupees ($845 million) from a year earlier.