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Reliance Industries Falls 3% After Morgan Stanley Downgrades Stock
In Thursday's early intra-day session the stock of RIL led Sensex fall by 100 points after the global firm downgraded the stock of RIL to equal-weight and maintained the target price at Rs. 1,349 per share.
For the FY20, the company is likely to report earnings growth which is to decline by half. Between FY17 and FY19, the conglomerate company offering services across oil to telecom reported steady CAGR of 17%.
The reason cited for the reversal in growth momentum is on the back of its core business which is dragging.
"The rising glut in gas and polyester markets could also slow growth into 2020," added the brokerage.
RIL stock last traded at 1269.35, down by 2.32%.
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