Shares of Reliance Industries Limited (RIL) jumped nearly 1.7 percent in early afternoon trade to hit a new all-time high of Rs 1,412.40 apiece on NSE. The stock, however, slumped during the end of the trading session on Thursday to close 1.40 percent lower at Rs 1,370. The three-day straight winning streak was broken at the end of the day likely from profit booking.

In the last 12 months, shares of RIL have advanced close to 45 percent. It gained 3.36 percent in the previous two trading days alone.

On Wednesday, a Livemint report said that the company's retail arm-Reliance Retail Ltd has been testing its food and grocery app among the employees before its planned commercial launch. Further, its telecom brand Reliance Jio has reportedly overtaken competitor Bharati Airtel as the second largest telecom company in India in terms of subscriber base in just close to two and a half years of operation.

With a customer base of 30.6 crore, Jio is now only behind Vodafone-Idea which announced that had 38.7 crore subscribers in December 2018. Airtel has 28.4 crore subscribers