Mukesh Ambani’s Reliance overtakes Exxon to become world’s no. 2 energy firm

Reliance Industries Ltd. toppled Exxon Mobil Corp. to become the world’s largest energy company after Saudi Aramco, as investors piled into the conglomerate lured by the Indian firm’s digital and retail forays.

Reliance, which is controlled by Asia’s richest man and manages the world’s biggest oil refinery complex, 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.

The Indian company extended gains in early trading on Monday, rising around 2%. 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.