Business Standard

Broking houses cut target price for RIL after disappointing Q1 show

Steepest cuts from Citi and Morgan Stanley; stock sheds 3.33% to end at Rs 2,420


While O2C is a drag, the outlook for RIL’s digital and retail business, however, remains upbeat, believe analysts.

Sundar Sethuraman
About a dozen broking houses have cut their target price for Reliance Industries after the conglomerate posted disappointing earnings for the quarter ended June 2022. The steepest cuts have come from foreign brokerages Citi and Morgan Stanley, data available on Bloomberg showed.

Share of RIL fell 3.33 per cent to end at Rs 2,420 on Monday. The company, which announced its financials on Friday after the market close, missed Street estimates due to weak near-term outlook for the oil-to-chemicals (O2C) segment--which has accounted for 91 per cent of incremental operating profit in Q1—on the back of declining Singapore

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jul 25 2022 | 6:58 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers.

Register to