Reliance Retail shares see sharp value increase, m-cap crosses Rs 5 lakh crore
Mukesh Ambani’s Reliance Industries became the first Indian company to cross Rs 10 lakh crore in market value. Reliance Retail’s market capitalisation crossed Rs 5 lakh core as share prices rose dramatically.
Reliance Retail’s valuation rose significantly to Rs 5 lakh crore ($75.2 billion) thanks to a sharp increase in share prices on the unlisted market caused by hopes that the company will be listed publicly sooner than previously planned, ET Bureau reported.
In August, Ambani announced that Reliance Retail could be listed on the stock market in five years. Investors are hoping the listing will come earlier to help the business offset debt.
Reliance Retail began to trade its shares on the unlisted market in June this year. Reliance Retail, which is India’s largest retailer in terms of revenue, has seen share prices rise by over 75% since June. Share sellers were company employees, brokers told ET Bureau.
Reliance Retail was also the first ever Indian business to report over Rs 1 lakh crore in annual turnover. It posted revenue of Rs 1.3 lakh crore for the 2019 financial year up from Rs 69,198 crore in the 2018 financial year.
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