ONGC Overtakes Reliance As Most Valued Firm

Mumbai, Aug 26: State-run ONGC today toppled billionaire Mukesh Ambani-led Reliance Industries as the country’s most valued company today, as a regular game of musical chairs for the top slot continued in the stock market.

With a market valuation of Rs 2,37,842 crore, slightly higher than RIL’s Rs 2,35,571 crore, the PSU energy major reclaimed the top position from the private sector corporate giant after a gap of nearly four and half years.

However, ONGC’s lead over RIL is barely about 1 per cent (about Rs 2,200 crore) and their performances would be keenly watched when stock market resumes trading next week.

RIL had first toppled ONGC to become the country’s most-valued firm way back in late 2006, but the state-run energy giant later reclaimed the top position, albeit only for a few brief period. RIL has managed to stay on the top since February 2007, except for past few days.

From: http://ping.fm/TKNa5