Reliance Industries shares fall on Bernstein downgrade

Shares in Reliance Industries traded lower Wednesday on the back of a downgrade by a research company. At 11.30 a.m., the stock traded 1.2 per cent lower at Rs 731 in a weak Mumbai market.

Bernstein Research downgraded RIL to “market-perform,” which is equivalent to a "hold" or "neutral" rating. It also cut the target price on the stock to Rs 800. Sanford C. Bernstein & Co., also known as Bernstein, is the sell-side research unit of Alliance Bernstein L.P.
The research firm said that there are fundamental problems with the KG-D6 reserves. It has also revised estimates of the net asset value of company.

RIL is not expensive but there are better opportunities in the markets, Bernstein said in its report.