Citigroup downgrades Reliance Industries
The investment bank says Reliance's valuations "are not compelling enough", while the near-term earnings outlook looks "subdued."
Citigroup says any strong earnings momentum would be contingent on improvements in Reliance's refining operations or a yet-to-be-seen pick-up in petrochemical demand.
Citigroup says could get more positive on the stock at 750 rupees, and prefers Cairn India
