Reliance shares plunge on downgrade by Morgan Stanley

In Thursday’s trading session, the stock of Reliance Industries Ltd (RIL) touched an intraday low level at Rs 1,258.35 per share by near 3-percent fall, after the global firm Morgan Stanley downgraded the stock of RIL to equal-weight and maintained the TP at Rs.1,349 per share. 

Some of the main reasons cited for the reversal are: – The rising glut in gas & polyester markets could slow growth into 2020.  Core business drags and upside show limited.

During mid-noon hours at 12:30, the Reliance stock was trading at Rs 1,264.85, down 2.66pc on the NSE.  The Stock also touched an intraday high of Rs.1288.80.

Meantime, equity benchmarks continue their down trend with Sensex falling 180- points at 37-608-levels and Nifty Slip 49 pts at 11310-mark.

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