Shares in Reliance Industries traded lower Wednesday on the back of a downgrade by a research company. At 11.30 a.m., the stock traded 1.2 per cent lower at Rs 731 in a weak Mumbai market.
Bernstein Research downgraded RIL to “market-perform,” which is equivalent to a "hold" or "neutral" rating. It also cut the target price on the stock to Rs 800. Sanford C. Bernstein & Co., also known as Bernstein, is the sell-side research unit of Alliance Bernstein L.P.
The research firm said that there are fundamental problems with the KG-D6 reserves. It has also revised estimates of the net asset value of company.
RIL is not expensive but there are better opportunities in the markets, Bernstein said in its report.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
