On Wednesday, shares of Reliance Industries Ltd. (RIL) hit the market capitalization of Rs 16 trillion for the first time, as investors continued to be bullish, anticipating higher valuation midst stake sale in Reliance Retail Ventures.

The stock soared 2.2% making a fresh record high of Rs 2,368.8 on BSE in the morning trade, pushing the valuation of RIL across Rs 16 trillion before a slight back. At 11.13 am, the scrip was trading at Rs 2,346.70 on BSE, 1.27% high from its previous close. Year to date it is up by 56.68%

On Sept. 9, California-based private equity fund, Silver Lake has picked up 1.75% stake in Reliance Retail Ventures for Rs 7,500 crore, valuing the company at Rs 4.21 trillion, nearly about $57 billion. The retail arm of RIL has also drawn additional investments worth $5 billion from KKR and Co., Mubadala Investment Co. and Abu Dhabi Investment Authority.

Earlier, according to the unconfirmed media reports, RIL was looking forward to selling a 40% stake in its retail arm to Amazon for a consideration of $20 billion. Bloomberg recently reported that the investor demand for RIL’s retail arm is so strong that Carlyle Group Inc. and SoftBank Group Corp are among those that have been put onto a waiting list.

Now, India’s largest company Reliance Industries Limited has a market capitalization of Rs 116.01 trillion followed by Tata Consultancy Services (Rs 9.35 trillion), HDFC Bank (Rs 5.95 trillion), Hindustan Unilever Ltd. (Rs 4.99 trillion), and Infosys (Rs 4.19 trillion).