Bank of America downgrades RIL to 'underperform'

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Bank of America-Merrill Lynch has downgraded Reliance Industries Ltd (RIL) to 'underperform' from 'neutral', thus escalating the worries for India's biggest private sector firm that has been struggling with plunging gas output from its KG-D6 fields.

Also the downgrade comes soon after RIL's Canadian partner in KG-D6 block, Niko Resources said the company's gas reserves have fallen 51 per cent and sparked huge sell-off on the bourses.

Shares of the company closed at Rs 711.05 a piece, down 1.05 per cent from previous close on BSE.

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