Reliance Industries Ltd (RIL), the oil-to-textile-to-telecom conglomerate, has lost more than Rs 96,000 crore in the market capitalization in the last four days. With this, the company’s market cap has fallen below Rs 8 lakh crore for the first time in the last 2 months. In terms of percentage, this sharp downfall has made RIL lose nearly 11 percent in the share prices of last four days.
Why this happened
This happened after the global research firm Morgan Stanley downgraded RIL’s stock from ‘overweight’ to ‘equal-weight’. Morgan Stanley has re-rated the stocks and revised the target price to Rs 1,349 citing limited upside amid core business challenges and headwinds in the energy business.
For those who don’t know, RIL has received a lower grade after 2 years of outperformance. For the financial year 2018-19, it has been one of the best-performing shares among the components of BSE Sensex.
According to the data, RIL shares were on top at the trading value on NSE with Rs 2,467.86 crore value. Around 2.05 crore equity shares of RIL were traded on both NSE and BSE with close to 1.95 crore shares traded on NSE itself.
