Coal India Ltd (CIL), the world's largest coal mining firm, has emerged the largest Indian firm by market capitalisation, beating Reliance Industries (RIL).
State-run CIL achieved the largest market capitalisation within 10 months of its listing on the Bombay Stock Exchange.
CIL's market capitalisation rose to Rs2,51,000 crore after the stock gained 2.6 per cent (or Rs10.25) to close at Rs397.85, today. RIL shares, on the other hand, lost marginal ground to close at Rs754.80, bringing down its m-cap to Rs2.47 crore.
The CIL stock has gained 62 per cent since listing on the bourses on 4 November 2010, with an issue price of Rs245.
RIL, on the other hand, has seen its m-cap erode 32 per cent amidst negative news flows.
With the RIL stock on the slow lane, market men do not expect a reversal of fortunes in the immediate future. With a negative investor sentiment, RIL is unlikely to bounce back in the stock market.