Mukesh Ambani-led Reliance Industries had briefly regained its status as India’s top-valued firm from Tata Group’s crown jewel TCS.
RIL could not retain the most-valued tag for long as its shares failed to hold on to morning gains and closed 1.5% lower at Rs 1,370.5 on BSE, giving the company a market capitalization (m-cap) of Rs 4,45,578.92 crore.
TCS shares also closed lower by 0.5% at Rs 2,308.65 apiece, but its m-cap at the close of trading remained higher than that of RIL at Rs 4,54,902.85 crore — the highest for any listed company in the country.
TCS had replaced RIL as the most valued firm more than four years ago but a sharp rally in the shares of the Mukesh Ambani-led firm in recent past, on success of telecom venture Jio, has helped the company close the gap and it managed to topple the Tata group’s software firm in m-cap for a brief period.
RIL saw its market cap soaring to a record high of about Rs 4.58 lakh crore in morning trade, at around 10.15 am, exceeding TCS’ Rs 4.56 lakh crore at that time.
Shares of both the companies traded weak thereafter, but the plunge was sharper in RIL’s case.
RIL shares have surged nearly 27% so far this while that of TCS fell by over 2%.