HSBC downgrades Reliance Industries to 'underweight' from 'neutral' in view of the recent stock run-up in response to its buyback announcement.

Reliance's existing upstream(exploration) and downstream (refinery) businesses are under pressure owing to falling gas production and a decrease in downstream margins and the trend is expected to continue in near term, HSBC said in a note.

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New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets open on a firm note - Hotel Leela gains on fully redemption of bonds - RCom rises on more than double Q4 net - Rupee gains as global risk aversion wanes - FDC rallies on board nod for Share buyback

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