Jio Platforms Enters Top Five Corporate Rankings With Strong Market Debut

Jio Platforms has secured a market capitalisation of ₹12.49 lakh crore following its market debut, reshaping corporate rankings in India. The stock listed at ₹1,358, which is a 21.35% premium over its issue price of ₹1,119. It then climbed another 1.2% to reach an intraday high of ₹1,375. This strong performance pushed Jio Platforms into the second spot among India's most valuable companies. Reliance Industries remains the country's most valuable listed company despite the new listing. However, Reliance shares fell 1.6% to a low of ₹1,180 on the BSE. The company announced it will declare second-quarter results on Friday, October 30. Following Jio's entry, the top five rankings now feature Reliance Industries, Jio Platforms at ₹12.49 lakh crore, Bharti Airtel at ₹12.07 lakh crore, HDFC Bank at ₹10.44 lakh crore, and ICICI Bank at ₹9.83 lakh crore. TCS was removed from the top five list and currently stands at a market cap of ₹8.76 lakh crore.

Sector Details

Bharti Airtel shares fell 2.6% to ₹1,978 during the trading session. The company benefits from tariff increases and higher average revenue per user. HDFC Bank shares declined 1.6% to ₹668.90, while ICICI Bank shares fell 1.9% to ₹1,361.25. The broader market stayed under pressure as benchmark indices dropped about 1% ahead of the US Federal Reserve policy meeting.

Context

Market capitalisation rankings shift when major subsidiaries or business units list separately on stock exchanges. Such listings give investors a clearer view of individual business segments within large conglomerates.