Dhirubhai Ambani, one of India's most powerful businessman and chairman of textiles and petrochemicals group Reliance, has been hospitalised in Bombay after suffering a stroke on Monday night.

A hospital spokesman described his condition as "stable."

Ambani, the brains behind India's most powerful industrial empire, was ranked the world's 138th richest person by Forbes this year, with a net worth of $2.9 billion.

News of his condition caused stocks in Reliance Industries Ltd and Reliance Petroleum to drop by nearly 4 per cent on the Bombay Stock Exchange on Tuesday.