Earnings worry pulls down Reliance stock
The shares of Reliance Industries fell Rs 44.30, or 3.41 per cent, to Rs 1,255.15 on the BSE on Thursday, following a brokerage downgrade.
Morgan Stanley downgraded Reliance to equal-weight from over-weight and warned the Mukesh Ambani company’s earnings growth could halve in the current fiscal.
The Reliance stock has been on a downhill, falling for the fourth day in a row on Thursday.
In four days, the shares have plunged 10.79 per cent, while its market capitalisation fell Rs 96,256 crore to Rs 7.96 lakh crore.
