Reliance Industries becomes first Indian firm to hit $150 bn market cap© hindustantimes.com

Reliance Industries becomes first Indian firm to hit $150 bn market cap

, 4 news, a view

Billionaire Mukesh Ambani’s Reliance Industries on Monday became the first Indian company to hit a market valuation of $150 billion (Rs 11.44 lakh crore) as the shares surged for the third day in a row, PTI reported.

In morning trade, the firm’s market valuation jumped by Rs 28,248.97 crore to Rs 11,43,667 crore on the Bombay Stock Exchange. The shares climbed up 2.53% to touch a record high of Rs 1,804.10 on the BSE. On June 19, Reliance Industries also became the first-ever company in India to hit the market capitalisation of Rs 11 lakh crore after Ambani announced that it had become net-debt free. Ambani has raised over Rs 1.68 lakh crore in less than two months, against its net debt of Rs 1,61,035 crore as on March 31. This happened despite a global lockdown caused by the coronavirus pandemic.

Ambani, the chairperson of Reliance Industries Limited, also vaulted into the list of the world’s top 10 richest people after his net worth jumped to $64.5 billion (Rs 4.9 lakh crore), according to the Bloomberg Billionaires Index. He overtook France’s Francoise Bettencourt Meyers, the wealthiest woman, to reach the ninth spot.