Shares of Reliance Industries surged nearly four per cent on the Bombay Stock Exchange in the early morning trade, amid the company making its first oil discovery at the exploration block in the Cambay basin in Gujarat.

The scrip opened at Rs 2,035.05 and later touched the intra-day high of Rs 2,100, up 3.72 per cent from its previous close.

Similar movement was seen on the National Stock Exchange, the scrip touched the day's high of Rs 2,102.45, up 3.85 per from its previous close. The scrip had opened at Rs 2,040.

The company has found oil for the first in the exploratory block 'CB-ONN-2003/1', it said in a filing to the Bombay Stock Exchange.

RIL holds 100 per cent participating interest in the block in the Cambay basin, which was awarded in the fifth round under the New Exploration Licensing Policy (NELP). The block covers an area of 635 square kilometers.

On the volume front, over 19 lakh shares got traded on the NSE, and more than five lakh shares got changed hands on the BSE.

RIL was later trading at Rs 2,067.90, up 2.14 per cent on the BSE, while on NSE, shares were trading at Rs 2,067.90, up 2.15 per cent from its previous close.