Reliance Capital, a financial services arm of Anil Dhirubhai Ambani Group, witnessed a surge in share price on Wednesday after Nippon Life Insurance has agreed to increase its stake in Reliance Capital Asset Management (RCAM), a part of Reliance Capital. NLI will be increasing its stake in Reliance Capital Asset Management from the existing 26% to 49% in two or more tranches.

Shares of Reliance Capital are trading at Rs 498.60, up Rs 17.55, or 3.65% at the Bombay Stock Exchange (BSE) on Wednesday at 1:04 p.m.

The scrip has touched an intra-day high of Rs 499.40 and low of Rs 478. The total volume of shares traded at the BSE is 563,928.