Don't sell Reliance: PN Vijay

PN Vijay, Portfolio Manager is of the view that one should not sell Reliance Industries at this level.

Vijay told CNBC-TV18, "Reliance has suffered because of the fall in gross refining margins across the globe and Reliance is very much dependent on good refining margins and then we had of course this supposed shut-down at Patalganga. But having said that again the fall has been overdone in Reliance because its business model and its assets are very classy and today at these prices we have look at just not earnings growth but replacement cost and market share etc and Reliance scores very highly on those."

He further added, "One should remember that they are going to be getting their gas out, their refinery operations out etc. So at this level I won’t advise people to sell at Rs 1,200-1,300. When to buy? I would say that there are better stocks in the market to buy."