RIL shares fall 1.56% after Goldman downgrades stocks

Shares of Reliance Industries today closed lower by 1.56% on the Bombay Stock Exchange after Goldman Sachs downgraded the ratings of the stocks of the country's most valued firm.

The scrip of Reliance Industries settled at Rs 985.15 on BSE, down by 1.56% from the previous close. In the intra-day trade, the stock lost 2.05% to touch the month's low of Rs 985.15.

Similar movement was witnessed on the National Stock Exchange, where the counter declined by 1.34% to Rs 987.70 a piece.

In terms of volume, over 67 lakh shares were traded on both the bourses.

Goldman Sachs today downgraded the ratings on the RIL stocks from 'buy' to 'neutral' on concerns about lack of clarity on its sustainable growth drivers, implying limited scope for medium-term earnings surprise.

At the same time, state-run ONGC surged by 2.57% to finish at Rs 311.55 on BSE. Goldman raised its rating on state-owned firm to 'buy' from 'neutral' citing improving oil realisations, volume growth and attractive valuations.

Meanwhile, 30-share Sensex closed at 19,448.69, down 96.66 points or 0.49% from the previous close.