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Reliance Industries overtakes Exxon to become world’s No. 2 energy company

| Jul 27, 2020, 04:01:32 PM | TOI.in
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Reliance Industries Ltd toppled ExxonMobil Corp to become the world’s largest energy company after Saudi Aramco. Reliance, which manages the biggest refinery complex, gained 4.3% in Mumbai on Friday adding $8 billion to take its market value to $189 billion, while Exxon Mobil erased about $1 billion. Reliance’s shares have jumped 43% this year compared with a 39% drop in Exxon’s shares as refiners across the globe struggled with a plunge in fuel demand. Aramco with a market capitalization of $1.76 trillion is the world’s biggest energy company.

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