JP Morgan Downgrades Reliance Industries to 'Neutral'

JP Morgan downgraded Reliance Industries Ltd to "neutral" from "overweight", saying share prices already reflect positive catalysts even as fundamentals remain on "a solid footing".

"While we remain positive on Reliance Industries' strategy of organic growth in core businesses, we believe the current share price already reflects the positive catalysts that were identified in our upgrade in 4Q CY13," JP Morgan said in a note dated on Wednesday.

Reliance Industries shares were trading at Rs 1,098.60, up 0.35 per cent as of 9.29 a.m.

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