State-run Coal India on Wednesday toppled Reliance Industries as the country's most valued company, ending billionaire Mukesh Ambani-led corporate giant's over four-year rein at the top of the market valuation charts.
With an over 2 per cent gain in its share price, the public sector coal giant on Wednesday achieved a market value of Rs 2,51,296 crore, which was over Rs 4,000 crore more than that of private sector energy giant Reliance Industries Ltd (RIL).
RIL shares ended marginally down by 0.55 per cent, commanding a market valuation of Rs 2,47,129 crore at the end of today's trade at Bombay Stock Exchange (BSE).
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Interestingly, RIL had toppled state-run ONGC over four years ago to become the country's most valued firm, and now it has been overtaken by another public sector major as the biggest company in terms of market valuation.
ONGC is the country's third most valued company at present with a market capitalisation of Rs 2,37,200 crore.
A company's market capitalisation is determined by multiplying its share price with total number of shares.
Coal India's market value exceeded that of RIL for the first time at around mid-day by about Rs 200 crore and it further extended its lead during rest of the trading session.
At around 1200 hrs at National Stock Exchange, CIL commanded a market cap of Rs 2,50,759.67 crore with an over 2 per cent rise in its share price. At that time, RIL had a market cap of 2,50,580.21 crore at NSE.
A few minutes later, CIL's market valuation exceeded that of RIL at BSE also. At around 1206 hrs, RIL's market cap in BSE trade stood at Rs 2,50,468 crore, slightly lower than CIL's Rs 2,50,538 crore.
At the end of today's trading, the gap was much higher at Rs 4,167 crore.
With PTI inputs