RIL first company in India to surpass ₹12 lakh crore market cap

At closing on Monday, the RIL stock settled at ₹1,934.30 apiece, up 3% from its previous close on the BSE; achieving a market cap of ₹12.26 lakh crore.

Reliance Industries Ltd (RIL) on Monday became the first Indian company to cross the Rs12 lakh crore in market capitalisation as the stock soared to a record high. Shares of the company, controlled by billionaire Mukesh Ambani, have doubled in value since mid-March.

Mukesh Ambani, chairman of Reliance Industries Limited, during the annual shareholders meeting in Mumbai in June 2015. (Reuters File Photo)

The surge in market cap comes ahead of RIL’s annual general meeting slated for Wednesday.

At closing on Monday, the RIL stock settled at ₹1,934.30 apiece, up 3% from its previous close on the BSE; achieving a market cap of ₹12.26 lakh crore. The stock had touched a low of ₹867.82 on BSE on March 23, and since then it has risen over 120%.

On Sunday, Qualcomm Ventures, the investment arm of Qualcomm Inc., said it will invest ₹730 crore for a 0.15% stake in Jio Platforms; becoming the 12th investor in about three months.