Morgan Stanley has downgraded Indian energy major Reliance Industries to 'equal-weight' from 'overweight' and cut its target price on the stock to Rs 956 from Rs 1,206.
"Leaving aside valuations, we do not see positive triggers in the short term," the investment bank said in a note to clients.
Also read: Reliance seeks adequate time to respond to CAG report
At 11:43 hrs the share was quoting at Rs 859.85, down Rs 10.50, or 1.21%. It was trading with volumes of 404,324 shares, compared to its 5-day average of 778,657 shares, a decrease of -48.07%. It was trading with volumes of 404,324 shares, compared to its 30-day average of 634,192 shares, a decrease of -36.25%.
Currently, it is trading -27.56% below its 52-week high and 3.72% above its 52-week low.In the previous trading session, the share closed up 2.08% or Rs 17.70 at Rs 870.35.
(With inputs from agencies)
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