The stock closed 3.60 per cent up at Rs 1,153.25 on the BSE. In early trading hours, the stock gained as much as 5.8 per cent to Rs 1,178.40.
On the National Stock Exchange (NSE), it settled at Rs 1,152, up 3.40 per cent as compared with the previous close. It touched an intra-day high of Rs 1,178.45.
More than 2.72 crore shares of Reliance Industries were traded on the NSE, while the BSE saw an exchange of 60.54 lakh shares.
The spurt in volume was more than 7.12 times during the day on the BSE.
After surging 308 points in highly volatile trade, the Sensex was up 196.45 points, or 0.55 per cent, at 35,831.40, and the Nifty rose 33.60 points, or 0.32 per cent, to 10,485.05.
Shares of Reliance Industries on Monday slumped as much as 13 per cent amid a price war among oil producers leading to international crude prices crashing by their biggest margin since the 1991 Gulf war.
Global oil benchmark Brent crude futures were trading 0.24 per cent higher at USD 37.31 per barrel at 1230 hours.
Domestic financial markets were closed on Tuesday for Holi. RUJ HRS