Mumbai: Reliance Industries, the country’s biggest stock, surged 7% Monday to a historic high of ₹2,905 apiece amid expectations that both telecom and retailing businesses will shortly list, unveiling a new chapter of value creation at the five-decade old company credited with spawning India’s equity culture through mass mobilisation of retail shareholders.
With a sharp rally in the Reliance stock, the net worth of Mukesh Ambani, the chairman of Reliance Industries, jumped $6.7 billion on Monday to $111.1 billion, according to the Forbes Real-Time Billionaire list. This propelled him to the 11th position among the world’s wealthiest individuals, above Mexico’s richest person Carlos Slim.
On Monday, Reliance Industries surpassed Petrochina Co and Shell Plc in market capitalisation, becoming the fourth most valuable energy company globally. Reliance is now behind only Saudi…
