Since 3 May, RIL has fallen nearly 10%, eroding over $10 billion in market valuation during this period. Investors were cautious after Morgan Stanley downgraded RIL stock to "equal weight" with price target of ₹1,349 a share. Upside appears limited amid core business drags, with no material capacity adds," said Morgan Stanley in a 8 May report . RIL's refining margin narrowed to a 17-quarter low at $8.2 a barrel in March quarter. Since launch of Jio, RIL's debt has been increasing continuously due to higher capex.

Source: Mint May 09, 2019 04:27 UTC