New Delhi: Shares of Mukesh Ambani-led Reliance Industries Limited (RIL) rose over 2 per cent helping the telecom major to pull down Tata Consultancy Services (TCS) at the second spot in the list of most valued company in terms of market capitalisation. In afternoon trade on BSE on November 16, RIL’s market capitalisation was Rs 7,14,573.46 crore, while India’s largest IT firm by revenue TCS slipped to the second spot with a valuation of Rs 7,03,891.09 crore. As per reports, shares of Reliance opened at Rs 1,096.10, then gained further ground and touched an intra-day high of Rs 1,128.50, up 2.88 per cent over its previous closing price. The stock is currently trading 2.56 per cent higher at Rs 1,125.

According to news agency PTI, the stock of TCS opened at 1,889.90 and touched an intra-day high and low of Rs 1,898.55 and 1,868, respectively, in trade so far. At 1330 hours, the scrip is trading at Rs 1,876.75, up 0.6 per cent from the previous close. On August 31, this year, TCS had regained its status as the country’s most valued firm by market valuation surpassing RIL.

There has been a neck-to-neck fight between RIL and TCS to claim the number one position in terms of market capitalisation over the past few months. RIL had on August 23, 2018 became the first Indian company to cross the Rs 8 lakh crore market capitalisation mark.

Even in August this year, the Mukesh Ambani-led company outshined TCS in the same race and emerged as leader in market capitalisation. Data from the BSE then showed RIL had a market cap of Rs 7.51 trillion, after its shares rose 3.1 per cent on the BSE to record high of Rs 1,185.85. TCS, which closed 0.19 per cent lower at Rs 1,941.25 per share, was valued at Rs 7.43 trillion.

Recently, the telecom wing of RIL was listed as the only company to meet call drop benchmark in drive test conducted by the Telecom Regulatory Authority of India (TRAI). Earlier this month, Reliance announced its plans to invest an additional Rs 3,000 crore in the next three years in their various businesses in Odisha. The company has already invested over Rs 6,000 crores in the mineral rich state.