Reliance Industries today briefly toppled TCS as the country's most valued firm a position the Mukesh Ambani-led firm had held for many years before ceding it to Tatas' crown jewel more than four years ago.
RIL saw its market capitalization (m-cap) soaring to a record high of about Rs 4.58 lakh crore in morning trade at around 1015 hours, exceeding TCS's Rs 4.56 lakh crore valuation at that time.
Shares of RIL rose by over 1 per cent to a multi-year high of Rs 1,410 on BSE. The scrip of TCS gained 0.77 per cent to Rs 2,338.95. However, RIL's valuation later came down to Rs 4.52 lakh crore, which was Rs 4,508.4 crore less than that of TCS Rs 4.57 lakh crore m-cap at 1330 hrs. With this, TCS reclaimed the status of the country's most valued firm followed by RIL, HDFC Bank, ITC and SBI in the top-five bunch.
Shares of RIL have surged nearly 29 per cent so far this year, while TCS has lost nearly 2 per cent during the same period. TCS will announce its quarterly earnings today and RIL on Monday.