Mumbai, Aug 18 (IANS): State-run miner Coal India has become the most valuable company in terms of market capitalisation, toppling Mukesh Ambani-led Reliance Industries (RIL).

According to data available with the Bombay Stock Exchange (BSE), Coal India's market was Rs.2,46,780 crore on Thursday's closing, against RIL's Rs.2,42,267 crore.

Both the scrips, however, closed lower, swept by the selling spree at the equities markets. At the BSE, the Coal India stock closed 1.8 percent down at Rs.390.70, while RIL's scrip ended 1.97 percent down at Rs.739.95.

Analysts have been concerned over declining gas output from the Krishna Godavari basin operated by RIL. The stock has lost almost 24 percent from the levels a year ago.

Coal India, on the other hand, has seen its scrip rise almost 14.35 percent from Nov 4, 2010, when it got listed.

For years now, RIL, has been held as one of the most valuable companies and, in fact, it ousted state-run explorer ONGC from the seat of being the largest firm in terms of market capitalisation.

Coal India's rise after its initial public offering last year is mainly attributed to the huge unmet demand for coal from expanding thermal power capacity in the country.