Reliance market cap surges, closest to Rs 10 Lakh Crore mark; Mukesh Ambani richest Asian

The surge comes after Reliance Jio’s announcement to hike prices of mobile call and data charges

By Bhuvanesh Chandar

Reliance Industry Limited’s market capital surged, only inches closer to the Rs 10 lakh crores margin, on Wednesday. This comes after its subsidiary – Reliance Jio – announced newer, hiked plans for mobile phone call and data charges. The company’s market capitalization stood at Rs 9,90,366.80 crore during the morning trade (It stood at Rs 985,232.09 as of 3.00 PM).

The company’s stocks climbed up by 4.10% to Rs 1,571.85 on the BSE index. As per the Bloomberg Billionaires Index,  this surge in market capitalization pushed Reliance Industry’s CEO and Chairman Mukesh Ambani’s net worth to a record $56 Billion ( Rs 4,02,304 crores  ), making him the richest person in Asia, eclipsing Alibaba’s founder Jack Ma.

The announcement from Jio comes after similar announcements from its competitors, Airtel and Vodafone Idea, in the past two days.

The surge led Reliance to eclipse BP Plc, and to join the elite club of top six oil companies in the world.

SOURCE: BLOOMBERG