Mumbai, Oct. 28 -- Jio Platforms Ltd.'s blockbuster stock market debut has propelled the digital company as well as its parent Reliance Industries Ltd. into rarified air. It also helped Mukesh Ambani's conglomerate topple Tata Group as India's largest conglomerate by market capitalisation.

Jio's shares rose as much as 23% on their first day of trading on Wednesday, giving the company a valuation of over Rs.12.5 trillion. That pushed Reliance Group's combined market cap past Rs.30 trillion and surpassed Tata Group at Rs.25 trillion, according to data compiled by Bloomberg News. Tata Group was at the top by market value for most part of the past decade.

Jio Platforms, which listed after India's largest IPO, overtook rival Bharti Airtel Lt...