Mukesh Ambani's Reliance Industries nears record-breaking market value of Rs 14 Lakh crore

Billionaire Mukesh Ambani’s Reliance Industries shares rose over 2% on Monday hitting a new record high, which brings the conglomerated company’s market value closer to the Rs 14 lakh crore mark. On the BSE, Reliance Industries Limited shares rose by 2.45 per cent to Rs 2,198.70 in morning deals. At this level, the market value of Mukesh Ambani's Reliance Industries reached Rs 13.94 lakh crore for the first time ever.

The further rise in shares has helped Reliance Industries retain its position as the country’s most valuable company. Presently, Reliance Industries is the only Indian company to hold a double-digit lakh crore market value in rupees.

In terms of market capitalisation, Reliance Industries is far ahead of the country's largest software company, Tata Consultancy Services (TCS), which is valued Rs 8.27 lakh crore. Reliance also tops India’s largest lender HDFC Bank which has a market capitalisation of Rs 6.05 lakh crore as on Monday. The Reliance Industries stock has crossed several records in the past few days. 

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Mukesh Ambani becomes 5th richest person

On July 24, RIL chairman Mukesh Ambani jumped to the fifth position on Bloomberg Billionaires Index. Since January, Ambani has moved up nine places on the world’s wealthiest person list and cracked into top 10 for the first time in June as the giant conglomerate kept receiving investments from companies like Facebook Inc., Silver Lake and BP Plc.

Ahead of the 43rd AGM meeting, RIL chairman climbed up to the sixth spot but remained there for a brief period as the delay in Aramco deal left investors disappointed. RIL was having a dream run in the stock market on the days leading to 43rd AGM since the investors were expecting some mega announcements by the company’s chairman.

While Ambani made some big announcements regarding Google investment and Jio 5G rollout timeline, he said that the deal with Saudi Aramco has not progressed as per the original timelines. The disappointment of investors over the delay reflected in the share market as the RIL shares plunged by 6.15 per cent in intraday trade and ended at Rs 1,842.35, a 3.89 per cent dip.

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