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Reliance overtakes Tata Group to become India's biggest conglomerate

By · Published by Everything Blog

In short

The market listing of Jio expanded the Reliance conglomerate's combined market capitalization from roughly ₹17.78 lakh crore to approximately ₹30.26 lakh crore on October 28. This rapid expansion allowed it to surpass Tata Group, whose overall valuation stood at ₹25.39 lakh crore following a 12.9% year-to-date decline. Meanwhile, other domestic conglomerates experienced contrasting fortunes, with Mahindra Group falling 15.7% while Adani Group recorded a 13.8% gain.

Key points

  • The stock listing of Jio served as the primary catalyst that propelled Reliance back into…: The stock listing of Jio served as the primary catalyst that propelled Reliance back into the top ranking.
  • Reliance regained the position of India's largest conglomerate for the first time since O…: Reliance regained the position of India's largest conglomerate for the first time since October 2020.
  • Diverging fortunes across corporate India saw Adani Group grow 13.8% while peers like Mah…: Diverging fortunes across corporate India saw Adani Group grow 13.8% while peers like Mahindra and Larsen & Toubro dropped sharply.

Sources checked by our analysis pipeline: 1

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Reliance Industries' combined market cap rose to roughly ₹30.26 lakh crore on October 28, overtaking the Tata Group's ₹25.39 lakh crore and reclaiming the top position for the first time since October 2020, according to ET Intelligence calculations based on listed group companies. Adani Group ranked third with a market capitalisation of ₹16.8 lakh crore, followed by Bharti Telecom Group at ₹13.98 lakh crore and Bajaj Group at ₹13.32 lakh crore.

Read more: Ambani bluechip bet gets bigger: Investors mark 82% of traded Jio shares for holding beyond listing

Before Jio's listing, Reliance Industries Group's listed companies had a combined market capitalisation of around ₹17.78 lakh crore, compared with ₹25.5 lakh crore for Tata Group companies. The listing effectively added a new large business to the group's listed universe and altered the balance among India's largest conglomerates.

Read more: From 104 shareholders to nearly 80 lakh! Jio becomes India's most widely owned stock on listing day

The rankings also reflect a challenging year for some of India's largest business houses. Tata Group's market…

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