Reliance Industries has overtaken ExxonMobil to become the world's second most valuable energy company after its market capitalisation scaled to a record high of over Rs 14 lakh crore.
The oil-to-telecom conglomerate is now ranked 46th globally on market cap, according to stock market data.
On Thursday, Reliance was ranked 48th and was behind ExxonMobil. Its share price on Friday scaled an all-time high of Rs 2,163 before settling at Rs 2,146.20, taking the company to 46th position.
The Rs 13.6 lakh crore m-cap of Reliance together with Rs 54,262 crore m-cap of its partly-paid shares that were issued in the recent rights issue and are traded separately, puts the company's combined market value at Rs 14.1 lakh crore or USD 189.3 billion.
This was enough to race past ExxonMobil which has an m-cap of USD 184.7 billion.
Globally, Saudi Aramco has the highest market cap of USD 1.75 trillion, followed by Apple (USD 1.6 trillion), Microsoft (USD 1.5 trillion), Amazon (USD 1.48 trillion), and Alphabet (USD 1.03 trillion).
Reliance is now the second most valuable energy firm. Aramco being the top energy company.