Morgan Stanley cut its rating on Reliance Industries to 'underweight' from 'equal-weight', citing lack of near-term triggers, expectations for weaker refining margins and valuation.
The investment bank also cited concerns about Reliance's investments into businesses that offer "low" return-on-equity, as well as a subdued outlook on petrochemicals in a noted on Monday. Morgan Stanley cut its price target on the stock to Rs 703 from Rs 742 . Reliance shares were down 1.2 percent at Rs 847.20 as of 9:36 a.m.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
