Reliance Industries Ltd (RIL) had on Monday raced past TCS to become the country's most-valued firm by market valuation.
At close of trade on Monday, RIL's m-cap stood at Rs 8,19,073.62 crore, which is Rs 7,226.43 crore more than that of TCS.
Revision in the outlook follows RIL announcing plans to sell a 20 pc stake in its oil-to-chemical division to Saudi Aramco.
RIL also entered a deal with BP to sell 49 pc stake in its fuel marketing business in India for USD 1 billion.
Rivals face heat; shares of telecom, multiplex players plunge.
The oil-to-telecom giant saw its scrip jump 9.72 per cent to close at Rs 1,275 on the BSE.
The scrip opened the day on a bullish note and jumped 12.09 per cent to Rs 1,302.50 on the BSE.
Reliance's Mukesh Ambani unveiled promised to make connectivity infrastructure free for nascent stage firms.
Last week, the two firms had announced a new joint venture to set up petrol pumps and retail aviation turbine fuel in India.
The company is preparing its Jamnagar complex to be future ready as fuel demand undergoes change.