By: Annie Priya
August 8 2020
True: Reliance Industries has toppled ExxonMobil Corporation by luring investors by its digital and retail forays.
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The Verdict True
Reliance Industries has pipped Exxon Mobil in terms of market cap after it raised capital through equity and investment.
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Reliance Industries has pipped Exxon Mobil in terms of market cap after it raised capital through equity and investment.Top global companies from Google to Facebook Inc. have invested in Reliance's digital platform in recent months. Mukesh Ambani's Reliance Industries Limited overtook ExxonMobil to become the world's second most valuable energy company after its market capitalization scaled to a record high of over Rs 14 lakh crore. The combined value of its shares was Rs 14.1 trillion or $189.3 billion as on 24 July 2020 and is now ranked 46th globally on market cap. It overtook Exxon Mobil, which has an m-cap of $184.7 billion. The share price of Reliance has jumped 46% compared with a 39% drop in Exxon's shares in the last year. Globally, Saudi Aramco has the highest market cap of USD 1.75 trillion and is the top energy company.