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. (Shutterstock)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. Morgan Stanley said the lower availability of crude from Venezuela and Iran and a glut in polyester and gas market will hit the company’s earnings.

Source: The Telegraph May 09, 2019 18:56 UTC