Jio’s IPO surge ends Tata’s reign as most valuable India group

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Jio’s current valuation at over ₹12.5 lakh crore pushes Reliance Group’s combined market value past ₹30 lakh crore, surpassing Tata Group’s ₹25 lakh crore valuation

By Bloomberg

Updated - October 28, 2026 at 01:55 PM.

Jio Platforms Ltd’s blockbuster stock market debut has propelled the digital company as well as its parent Reliance Industries Ltd into rarified air. It also helped Mukesh Ambani’s conglomerate topple Tata Group as India’s largest conglomerate by market value.

Jio’s shares rose as much as 23 per cent on their first day of trading on Wednesday, giving the company a valuation of more than ₹12.5 lakh crore ($131.4 billion). That pushed Reliance Group’s combined market value past ₹30 lakh crore and surpassed Tata Group at ₹25 lakh crore, according to data compiled by Bloomberg News. Tata Group was at the top by market value for most of the past decade, data shows.

Jio, which listed after India’s largest IPO, also overtook nearest sector rival Bharti Airtel Ltd to become the sixth-most valuable telecom firm globally. It’s now the No. 2 company in India by the same metric, trailing only its parent, Reliance.

The listing was an emotional moment for Ambani, who rang the listing bell with four generations on stage spanning his mother to his grandchildren. The $3.1 billion IPO was fully sold out in less than 100 minutes, oversubscribed 22 times and surged on debut, signalling that it’s on course to buck a poor track record for the country’s mega deals.

“Sometimes a big listing can alter the mood of the investing nation, and we all hope Jio does that to the Indian market,” said Shankar Sharma, Founder of GQuant Investech.

Reliance’s shares have tumbled 25.4 per cent this year while the benchmark NSE Nifty 50 has slipped almost 13.3 per cent.

However, the newly listed telecom giant will have to wait for months before it can be added to India’s headline stock indexes such as the Nifty 50. Bourses first need to launch derivatives products on the stock before it can become eligible for inclusion into the benchmark indexes.

More stories like this are available on bloomberg.com

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Published on October 28, 2026

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