RIL share gains 14% amid report Facebook likely to buy stake in Reliance Jio

Reliance Industries share price rose  over 22% in trade today amid a report that Facebook was reportedly planning to buy a multi-billion dollar stake in Reliance Jio.

Share price of Reliance Industries Ltd (RIL) gained up to 22.51% to Rs 1,152 compared to the previous close of Rs 943.10 on BSE.

The large cap stock  opened 0.83% higher at Rs 951. Market capitalisation of the firm rose to Rs 6.85 lakh crore after which it became the top Indian firm by market cap on BSE. TCS was pushed to the second slot with market cap of Rs 6.57 lakh crore. Total 1,176 lakh shares of the firm changed hands amounting to turnover of Rs 11,184 crore.

Later, the stock pared some gains and closed 14.65% higher at Rs 1,081.25 on BSE.

The stock has gained 16.79% in last two days.  However, it has lost 22% during the last one year and 31% since the beginning of this year.

In last one month, the stock has lost 27.1% as stock market crumbled under economic impact of rising coronavirus cases across the world and in India.

On Tuesday, Financial Times reported that Mark Zuckerberg-led Facebook was close to signing a preliminary deal to buy 10 per cent stake in Mukesh Ambani's Jio.

The report stated that the talks between Facebook and Reliance have been halted due to travel ban across the world in view of the coronavirus outbreak. The deal will help Facebook expand its reach in the Indian digital market.

Jio is engaged in several business including mobile telecom, home broadband and e-commerce.

By Aseem Thapliyal