In major worry for Mukesh Ambani, Asia’s richest man, his flagship company, Reliance Industries, now faces the possibility of losing its coveted spot as the country’s most valued firm by Tata Consultancy Services, as the Tata Group company is rapidly closing the market capitalization gap between the two firms.
According to latest market data, the market cap (Mcap) of Mukesh Ambani-led Reliance Industries has slumped to Rs 16.55 lakh, losing around Rs 4.5 lakh crore in valuation since June 28, 2024, when its Mcap had hit an all-time high, crossing Rs 21 lakh crore.
Reliance’s stock has plunged by 24 percent since its historic high on June 8, 2024. The conglomerate’s stock closed at Rs 1,222 on December 24, 2024, a decline of 24 percent from the all-time high of Rs 1,608 on June 8, 2024. Owing to its gradual decline in the recent months, Reliance now facing losing its title as the most valued company in India to Tata Group’s TCS, which has a market cap of Rs 15.12 lakh crore.
Reliance Industries and TCS have a Rs 1.43 lakh crore difference in market cap, according to latest data, and the Tata Group company is expected to overtake the Mukesh Ambani-led conglomerate if the current trend continues.
HDFC Bank, which has a market cap of Rs 13.74 lakh, is ranked third on the list of the ten most valued companies in India, followed by ICICI Bank, Bharti Airtel, Infosys, State Bank of India, ITC, Hindustan Unilever (HUL), and LIC India.
Meanwhile, despite Reliance Industries’ mediocre showing at the market, its Chairman Mukesh Ambani remains the richest man in India and all of Asia, boasting a real time net worth of $95.4 billion as of December 25, 2024, according to Forbes Real Time Billionaires. Mukesh Ambani is also the 18th wealthiest person globally, as per Forbes.
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