Here's why CLSA and Edelweiss have downgraded Reliance Industries' stock

Edelweiss Securities notes that the stock's primary triggers - deleveraging, asset monetisation and digital momentum - have already played out.

It has been a dream run for Reliance Industries' (RIL) stock in calendar year 2020 (CY20). From hitting a low of Rs 868 on March 23, the stock has skyrocketed over 150 per cent to a record high of Rs 2,199 on July 27. The stellar rally came on the back of a series of big-ticket investments by marquee names such as Facebook, Google, Intel Capital, and Qualcomm Ventures into RIL's digital arm, Jio Platforms. Further, the company's announcement of becoming a net-debt free entity way before its schedule of March 31, 2021, made Street in awe of RIL, thus