BoA cuts Reliance Industries to 'underperform'

 Bank of America-Merrill Lynch cuts Reliance Industries to "underperform" from "neutral" and reduces its target price to Rs 710 from Rs 760.

Downgrade comes after partner Niko Resources announced lowered reserve estimates for their KG D6 block.

As per I/B/E/S data, Reliance Industries now has 6 "underperform" compared to 24 "buy/outperform" and 11 "hold" ratings.

Technical traders also cite bearish evening Doji star candlestick pattern, say falls towards 673-650 possible in the near-term".

Reliance Industries shares down 1.4% at Rs 708.45.