HSBC cut Reliance Industries to 'underweight' from 'neutral' saying the energy conglomerate was unlikely to sustain a sudden jump in refining margins seen in August, while also citing concerns about the recent rally in share prices.
HSBC maintained its target price at Rs 800.
Reliance posted its fourth consecutive drop in quarterly profit on Monday but met market estimates, as refining margins rebounded and treasury gains from its huge cash pile bolstered profits.