RIL shares zoom over 11% after Facebook deal

The RIL shares hit an upper circuit as it advanced 11.05 per cent or 136.70 to Rs 1,374.05 at 1:29 pm.

New Delhi: Shares of Reliance Industries on Wednesday jumped over 11 per cent after Facebook announced an investment of USD 5.7 billion (Rs 43,574 crore) to buy a 10 per cent stake in Jio Platforms.

Reliance shares hit an upper circuit as it advanced 11.05 per cent or 136.70 to Rs 1,374.05 at 1:29 pm.

Reliance shares at 1:29 pm, Source:Google

As per a Stock Broker the temporary upper circuit is different for different stocks. For Index stocks this temporary upper circuit limit is 10%. After hitting upper circuit the trading gets halted for sometime in that particular stock and if the buying continues the relaxation is given up till 15% or 20% respectively.

It was the top gainer on both the 30-share BSE Sensex and NSE Nifty-50 in morning trade.

The company's market valuation also jumped by Rs 45,527.62 crore to Rs 8,29,084.62 crore.

Facebook announced an investment of USD 5.7 billion (Rs 43,574 crore) to buy a 10 per cent stake in the firm that houses billionaire Mukesh Ambani's telecom arm Jio as the social media giant looks to expand presence in its largest market in terms of subscriber base.

(With Inputs from PTI)