The heavyweight RIL in early morning trade jumped as much as 8% to day's high of Rs. 1339.20 per share on Facebook deal. It is said to be the largest FDI investment in technology space in India.
In afternoon trade, with gains of 10%, the stock has hit upper circuit limit at Rs. 1359.65 on both the NSE and BSE.
On the deal, Mukesh Ambani says the deal will spur digital economy in India and further payments companies such as Paytm and other market places will face tough competition as Reliance Retail's JioMart will find its digital space with the help of Whatsapp etc.
RIL Hits 10% Upper Circuit On Facebook Deal
While the refining margins of the company will suffer due to tumultuous turmoil in the oil markets, the recent deal will be a big boost for the oil to telecom conglomerate.
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