Facebook shares rose 5.3 percent on the Nasdaq during early trade on Wednesday after the tech giant penned a $5.7 billion deal with Indian telecom behemoth Reliance Jio.

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The Facebook stock was trading at $179.59 at 9:50 am (GMT-4) on the New York-based Nasdaq.

Earlier Wednesday, Reliance Industries informed that Facebook was investing Rs 43,574 crore ($5.7 billion) in its subsidiary Jio Platforms for a 9.99 percent stake. The investment makes Facebook the largest minority shareholder in Jio Platforms and values the RIL technology arm at Rs 4.62 lakh crore ($66 billion) pre-money enterprise value.

The deal propelled Reliance stock on the Indian stock exchanges through the trading hours on Wednesday. The Reliance stock gained nearly 10 percent on the back of Facebook's investment and went on to add a market cap worth Rs 80,000 crore during the day.

The RIL stock ended the day at Rs 1,359.00 on the NSE, up 9.83 percent.

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Disclaimer: Reliance Industries Ltd., which also owns Jio, is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

First Published:Apr 22, 2020 7:40 PM IST