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RIL shares rise nearly 15%; company overtakes TCS to become most valued firm again

In terms of trade volumes, over 86.58 lakh shares of RIL were traded so far on the NSE, while over 1164.13 lakh shares exchanged hands on the BSE so far in the intraday trade. (Representative image)

Shares of oil-to-telecom behemoth Reliance Industries (RIL) ended nearly 15 per cent on the BSE on Wednesday after a media report said that Facebook is in talks to buy a multi-billion dollar stake in the company's telecom unit Reliance Jio.

The stock climbed 14.65 per cent to settle at Rs 1,081.25 apiece on the BSE, while on National Stock Exchange (NSE), it rose 13.84 per cent to end at Rs 1,074.00.

During this process, the company overtook Tata Consultancy Services (TCS) once again to become the most valued company in India. The market capitalisation (m-cap) of RIL stood at Rs 6,85,433.30 crore at the end of the day as compared to TCS m-cap of Rs 6,57,492.85 crore, according to the data available on the BSE.

In terms of trade volumes, 3,34,33,126 shares of RIL were traded on the NSE during the day, while 1176.09 lakh shares exchanged hands on the BSE.

Earlier today, news agency Reuters in an update said that Facebook Inc is in talks to buy a multi-billion dollar stake in Reliance Industries Ltd’s telecom unit, citing a report by the Financial Times.

The report said the social media giant was in talks for a 10 per cent stake in Reliance Jio, the telecom arm of RIL which is owned by Mukesh Ambani, but the talks were halted because of the global travel bans due to the coronavirus outbreak.

However, so far, there has been no official confirmation regarding this matter from Facebook and RIL.