RIL regains country's most-valued firm status
Billionaire Mukesh Ambani-led Reliance Industries today regained its status as the country's most-valued company, relegating Coal India to the second position in early trade.business Updated: Aug 23, 2011 10:57 IST
Billionaire Mukesh Ambani-led Reliance Industries on Tuesday regained its status as the country's most-valued company, relegating Coal India to the second position in early trade.
RIL commanded a market value of Rs 246,995 crore at 9:45am on the Bombay Stock Exchange, which was higher than any other listed company.
In comparison, the market value of Coal India, which had dethroned RIL to emerge as the country's most-valued firm last week, stood at Rs 244,190 crore at the same time.
Another state-run company, ONGC, was close behind at third position, with a market value of Rs 243,831 crore.
Shares of all three companies was trading in the red on Tuesday, but the losses were sharper for CIL.
While RIL was down 0.26% at Rs 754.30, ONGC was down 0.62% at Rs 285 and CIL was 2.2% in the red at Rs 386.60.
After reigning as the country's most-valued firm for more than four years, RIL slipped to second position behind CIL last week.
Days later, RIL had briefly slipped to the third position after CIL and ONGC on August 19, but managed to regain the second slot by the time the market closed.
Nevertheless, RIL was back on top on Tuesday morning and marketmen will be keenly watching the three stocks to ascertain whether the market valuation charts undergo further changes.
Interestingly, RIL had toppled state-run ONGC over four years ago to become the country's most-valued firm, but slipped below the two public sector firms in terms of market valuation in intra-day trade last Friday.
A company's market valuation, or market capitalisation, is determined by multiplying its share price by the total number of shares.
CIL and ONGC had been closing the gap on RIL in terms of market valuation for the past few weeks, as RIL's stock has been under selling pressure and the two PSUs have been mostly performing well even in a weak market.
First Published: Aug 23, 2011 10:52 IST