Facebook-Jio deal: Reliance Industries stock gains over 8% after Facebook buys 10% stake in telco arm

Reliance Industries share price took the market higher in early trade today after social media giant Facebook Facebook announced buying minority stake in the Mukesh Ambani-owned telco  Reliance Jio for $5.7 billion (Rs 43,574 crore). The investment makes Facebook the largest minority shareholder in Jio Platforms Limited.

Share price of Reliance Industries rose up to 103 points or 8.33% to Rs 1339 against previous close of Rs 1,236.  On the other hand, Sensex was trading 131 points higher at 30,758. On Nifty too, Reliance Industries share price was the top gainer. The index heavyweight gained over 8% to Rs 1,339 on NSE.

Facebook-Reliance Jio deal: Social media giant pumps in Rs 43,574 crore in Mukesh Ambani's telco

Total 4.11 lakh shares changed hands on BSE amounting to turnover of Rs 55.73 crore. Market cap of the firm rose to Rs 8.32 lakh crore on BSE.

RIL stock trades higher than its 5, 20 and 50 day moving averages but lower than 100 and 200-day moving averages. RIL stock price has gained 13.57% in one week and 28.03% in one month.It opened with gain of 6.79% at Rs 1,320 on BSE.

Facebook said it would focus on collaborating its messaging platform WhatsApp with Reliance's e-commerce venture JioMart to enable people to connect with small businesses.

Facebook's investment will translate to a 9.99% equity stake in Jio Platforms on a fully diluted basis, Jio said.

Share Market LIVE: Sensex opens 180 points higher, Nifty at 9,020; RIL climbs over 5%