Mumbai-based Reliance Industries Ltd. toppled Houston’s ExxonMobil to become the world’s second largest energy company after as investors piled into the conglomerate lured by the Indian firm’s digital and retail forays. Reliance manages the world’s biggest oil refinery complex in Jamnagar, Gujarat. According to Bloomberg, its shares rose 4.3% in Mumbai on Friday, taking its market value to $189 billion, while Exxon Mobil lost about $1 billion. (Aramco, with a market capitalization of $1.75 trillion, is the world’s biggest company.)
According to Bloomberg, Reliance’s shares have jumped 46% this year, while Exxon’s have fallen 39% as refiners across the globe struggled with a plunge in fuel demand.
Last updated: December 26th, 2025
