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Reliance Industries Hits Historic ₹20 Lakh Crore Market Cap, First in India in 2024

13 Feb 2024 , 02:30 PM

Reliance Industries Ltd (RIL) achieved a market capitalization exceeding ₹20 Lakh Crore on February 13, making it the first Indian company to attain this milestone in 2024.

The stock witnessed a remarkable 14% rally in the year so far, reaching a new record high of ₹2,957 on the BSE.

At the time of writing, on February 13, RIL shares were trading at ₹2,925, marking a 0.70% increase from the previous close.

RIL's market cap journey includes hitting ₹1 Lakh Crore in August 2005, ₹2 Lakh Crore in April 2007, ₹3 Lakh Crore in September 2007, and ₹4 Lakh Crore in October 2007. It took 12 year to reach ₹5 Lakh Crore in July 2017. Subsequently, the market value reached ₹10 Lakh Crore in November 2019 and ₹15 Lakh Crore in September 2021. The ₹ 20-lakh-crore milestone was achieved in over 600 days.

The stock witnessed a surge of 10.4% in January and continued to climb nearly 4% in February.

RIL, headquartered in Mumbai, is an Indian multinational conglomerate with diverse business interests, including energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles.

RIL is the largest public company in India in terms of market capitalization and revenue. It is also India's largest private taxpayer and exporter, contributing to 7% of the country's total merchandise exports.

However, the company has faced controversies related to political corruption, cronyism, fraud, financial manipulation, and exploitation of customers, citizens, and natural resources. Mukesh Ambani, the chairman of Reliance Industries, has been described as a plutocrat.

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