Reliance Industries gains 7% as Facebook to buy 9.9% in Jio for $5.7 bn

US tech giant Facebook would invest Rs 43,547 crore ($5.7 billion) in the company's wholly-owned subsidiary Jio Platforms to expand its presence in India.

Shares of Reliance Industries (RIL) gained 7 per cent at Rs 1,326 on the BSE on Wednesday in early morning trade, after the company announced that Facebook would invest Rs 43,547 crore ($5.7 billion) in the company’s wholly-owned subsidiary Jio Platforms to expand its presence in India. With today’s gain, the stock of RIL has rallied 14 per cent from its Tuesday’s low of Rs 1,164 on the BSE.

“”RIL, Jio Platforms and Facebook, Inc. (“Facebook”) today announced the signing of binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms,” the company said in