Coal India Topples RIL To Become Most Valuable Indian Firm
New Delhi, Aug 17: Coal India, the world's largest coal miner, toppled energy major Reliance Industries on Wednesday to become the country's most valuable firm with a market value of more than $55 billion.
Reliance Industries, which has the heaviest weightage in the main index, closed 0.6 percent lower at 755 rupees, its lowest close in nearly 2-1/2 years, to have a market value of $54.4 billion.
Reliance, controlled by the world's ninth-richest man Mukesh Ambani, has been under pressure from an industry regulator and investors over slowing gas output, and has seen its shares shed nearly 29 percent this year.
HSBC upgraded Coal India to 'overweight' from 'neutral' and raised target price to 472 rupees from 425 rupees. Shares in Coal India ended 2.8 percent higher at 397.9 rupees.