The market-cap of Reliance Industries on June 22 surpassed the combined market value of top three private sector banks. 

The billionaire Mukesh Ambani-owned company's stock has been gaining currency since it started announcing deals with tech companies and marquee investment firms, It crossed m-cap of Rs 11 lakh crore.

The stock touched a record high of Rs 1,804.10 today, amounting to an m-cap of Rs 11,43,691.76 crore, or $150 billion. It gained a whopping 108% from its March lows and retained the top slot among Nifty50 stocks, doubling shareholders' money in just three months.

At 12.30 pm, it was trading at Rs 1,768, up 0.48% with a market cap of Rs 11,20,774.83 crore, which was much higher than combined market value of Rs 10,73,613.94 crore of top three private sector banks- HDFC Bank, ICICI Bank, and Kotak Mahindra Bank.

HDFC Bank (at Rs 1,039.95, up 0.61%) has current market capitalisation of Rs 5,70,961.52 crore, Kotak Mahindra Bank (at Rs 1,331.80, up 2.29%) Rs 2,63,507.48 crore and ICICI Bank (at Rs 369.20, up 1.46%) Rs 2,39,144.94 crore.

RIL's market cap was also higher than the HDFC Group which is valued at Rs 0,45,433.95 crore. HDFC has a market cap of Rs 3,17,367.24 crore,  HDFC Life Rs 1,04,249.90 crore and HDFC AMC Rs 52,855.29 crore.

Reliance Industries has become net debt-free last week after it closed the last Jio Platforms' deal which was with Saudi Arabia's Public Investment Fund.  

Jio Platforms has raised Rs 1,15,693.95 crore by selling 24.7% stake to global technology investors since April 22.

With this Rs 1.15 lakh crore, rights issues of Rs 53,124.20 crore and the stake sale of BP in the petro-retail JV, billionaire Mukesh Ambani-owned conglomerate has raised more than Rs 1.75 lakh crore and became net-debt free well before the deadline of March 31,2021. 

The company's net debt was Rs 1,61,035 crore as of March 31,2020.

"The recent rally in Reliance Industries on the back of large deals in Jio Platforms by marquee names like Facebook, KKR, Silver Lake, Vista Equity Partner, and General Atlantic and the underperformance of the BFSI segment has led to the market cap of Reliance being more than the sum of the market cap of the top-3 private banks (HDFC Bank, ICICI Bank, Kotak Mahindra Bank)," Motilal Oswal said.