The Indian group is currently worth 138 billion dollars, compared to the British energy giant, worth 132 billion dollars at the end of the trading session on Tuesday. Reliance's stock has tripled the growth rate of Indian stocks this year. The stock grew after billionaire Mukesh Ambani announced in August a plan to cut the company's net debt to zero for 18 months through measures including selling oil business shares to Saudi Aramco.
The increase in stocks has given Ambani a net asset worth $56 billion, making him the richest person in Asia, surpassing billionaire Jack Ma, according to Bloomberg Billionaires Index.
Reliance's market value has quickly surpassed BP - a giant British energy company - late last month. Reliance has now regained the lead after its shares ended at a record high in Mumbai.
While Reliance has a two-thirds of its energy revenue, billionaire Ambani has also invested heavily in telecommunications and digital services and benefited from the growing demand for mobile users in the world's second largest market. He has also expanded the company's retail operations to take over Amazon.com Inc. and Walmart Inc.
Reliance is currently the 6th largest oil company in the world. Exxon Mobil Corp tops the list with a market value of about 290 billion USD. Aramco is planning an initial public offering with a valuation target of 1.6 trillion to 1.7 trillion USD.
