Reliance Industries (RIL) has corrected over 10 per cent since May 2 high (post-March quarter results). The fall continued on Thursday, with the stock declining over 3 per cent.
Even as Thursday’s move may be attributed to foreign brokerage Morgan Stanley turning ‘equal-weight’ on the stock after being ‘overweight’ for many years, the downgrade is in sync with concerns raised by analysts on RIL’s core refining and petrochemicals segment. Analysts at Morgan Stanley say the rising glut in the gas and polyester markets could slow growth in 2020. They ...
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