Reliance Industries hits over 7-year high as Jio promises to end freebies

The stock rallied 8% to Rs 1,172, up 8% on NSE in intra-day trade.

Reliance Industries (RIL) hit an over seven-year high of Rs 1,172, up 8% on the National Stock Exchange (NSE), recording its sharpest rally in intra-day trade in past 21 months.

The stock hit its highest level since June 2009. Earlier, on May 16, 2014, it rallied 8.7% during intra-day trade. On the BSE, the stock hit high of Rs 1,187 on November 1, 2010, during intra-day trade.

In past two trading sessions, the stock surged 9% from Rs 1,075 on February 20, 2017 after Reliance Jio Infocomm (“Jio”), a subsidiary of RIL, announced that its tariff plans will become