Reliance Industries Ltd’s shares witnessed a remarkable surge, reaching a record high and marking the third consecutive session of gains, pushing the company’s market capitalization to ₹19.2 lakh crore.
The stock peaked at an all-time high of ₹2,850 on January 29, contributing to a nearly 7% increase in mid-afternoon trading, settling at ₹2,884.05 as of 1:51 pm.
The upward momentum follows reports from Bloomberg indicating a substantial devaluation of Walt Disney’s India unit ahead of its proposed merger with Mukesh Ambani’s media business.
Negotiations have resulted in a lowered valuation of Disney’s India assets to approximately $4.5 billion, down from its earlier demand of $10 billion. The merged entity targets an overall valuation of $11 billion, with Disney holding a 40 percent stake and Reliance Industries retaining a majority 51 percent. The finalization of the deal is expected in February. The recent collapse of the $10 billion Sony-Zee Entertainment merger eliminates a potential major competitor for the combined entity, enhancing Reliance Industries’ competitive position.