New Delhi, March 25: Reliance Industries Limited (RIL) on Wednesday surpassed TCS to become the most valued domestic firm by market capitalisation during morning trade following a spike in its share price.

The company's scrip zoomed 9.74 per cent to Rs 1,035 on the BSE. On the NSE, it climbed 9.61 per cent to Rs 1,034.10. Tracking gains in the share price, the company's market valuation also rose to Rs 6,49,838.31 crore. With this, the company surpassed Tata Consultancy Services (TCS) to become the most valued domestic firm by market capitalisation.

Meanwhile, there were media reports that Facebook Inc was in talks to buy stake in the company's telecom unit, Jio. The valuation of TCS was at Rs 6,46,460.84 at 12:19 hrs.