Coal India Overtakes Reliance

Coal India Overtakes RelianceMukesh Ambani, who is the world's ninth richest man and the owner of Reliance, has revealed that the slowing gas production has resulted in the drop of 30% stocks this year.

It was reported that Reliance was overtaken by Coal India, the world's largest coal miner, revealed that the stock in India was the best performer for this year on the country's top index.

On Wednesday’s closing price, Coal India’s market capitalization closed at Rs 2.51 lakh crore ($55 billion) whereas Reliance closed at Rs2.47 lakh crore ($54 billion). Analysts on Thursday, has told that Reliance would soon retain its position in the future.

Meanwhile, StreetSight, fund manager, JP Morgan Asset Management has decreased its holding to half in Reliance whereas BlackRock Asset Management have reduced its holdings by 29% between March and April this year and UTI Asset Management has decreased its holdings in Reliance but they have increased their holdings in Coal India.

An analyst said: “There were two reasons for Coal India overtaking RIL. While investors have been bullish over the prospects of the coal producer and this has only strengthened after its good first-quarter results, the RIL share price has been falling over the past few months”.