Industry’s Punishing Rishi Storyline Hits a New Rock Bottom in Season 4’s Brutal Fourth Episode

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The HBO drama Industry is known for its bold and innovative stories. Now in its fourth season, the show – created by ex-investment bankers Mickey Down and Konrad Kay – has moved beyond its initial setting of a London trading floor to delve into broader and more cynical themes of power, social class, gender, race, and what drives people’s choices.

Even for a show known for its shocking deaths, abusive patterns, and harsh work environment, the fourth episode of Season 4 felt particularly disturbing. Titled “1000 Yoots, 1 Marilyn,” the episode reveals the full extent of Rishi Ramdani’s downfall after his wife, Diana, was tragically killed by a loan shark due to his gambling debts – a consequence shown at the end of Season 3. It offers a clearer picture of just how far the former trader (played by Sagar Radia) has fallen.

According to Down, the major plot twist at the end of the show deeply impacted the main character. He explained to Wired in 2024 that witnessing his wife being shot as repayment for a gambling debt was a truly shocking event. This trauma will cause Rishi to be a completely changed person in Season 4, compared to how he was in previous seasons.

I was really hooked by Rishi’s story leading up to the latest episode. We knew things were tough – he couldn’t even pass a basic background check, which meant he had to take shady work from Harper just to get by. But Sunday’s episode truly showed just how low things had gotten for him. It turns out he’d relapsed after rehab and even tried to end his life. He’s battling serious addiction issues, and just when it seemed things couldn’t get worse, he gets a call that completely blindsided him. It was Mary, his late wife’s mother – who he hilariously (and sadly) has saved as “Cow-in-Law” in his phone – and she told him he’s finally allowed to see his son, Hugo. It was a huge moment, and I’m eager to see where this goes.

During their meeting, Mary tells Rishi that if he agrees to legally change Hugo’s last name from Ramdani to Smith – his grandparents’ surname – they’ll consider allowing more visits, though always with someone present. While Rishi isn’t presented as a likable person, the way the wealthy, white Smith family uses manipulation carries a clear racial undertone. Mary says to Rishi, “I may be angry with you, but my faith in God is much stronger. You’ve made choices that go against that faith, but even someone like you deserves God’s grace.”

Following a successful smear campaign against journalist James Dycker and his editor, orchestrated by Yasmin and Whitney and published in a newspaper owned by one of Henry’s relatives, James loses his job at FinDigest. Devastated, he goes on a reckless spree and unexpectedly encounters Rishi in a bar bathroom – the same bathroom where James is using stimulants. They connect with a shadowy figure outside the pub, and back at Rishi’s apartment, the man gives them drugs while blasting loud music. Rishi confesses he was the one who had been watching James, and James’s question about witnessing his wife’s death triggers a traumatic flashback for Rishi, forcing him to relive the moments before Diana’s murder.

Just as Rishi comes out of the bathroom and finds James unconscious, a stranger conveniently leaves to get beer. This, combined with a noise complaint bringing the police to the apartment, makes Rishi look even more suspicious. Believing he’ll be blamed for James’ overdose, Rishi tries to jump from the balcony, but only breaks both ankles. He’s left in terrible pain and tries to crawl away, but the police quickly handcuff him.

Rishi’s situation already looked bad, but recent events mark a new low for any character on the show. Looking back at the Season 3 finale, Radia accurately predicted this downward spiral. He told Deadline that Rishi was likely to fall apart even further, saying, “We thought he’d reached his lowest point, but then things got even worse.”

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2026-02-02 07:06