After less than explosive Q1, Reliance Industries stock to see no fireworks

Recent rally, soft outlook for O2C business may pull stock down

The stock of India’s most-valued listed company, Reliance Industries (RIL), could remain under pressure after lower-than-expected 2023–24 (FY24) April-June quarter (first quarter, or Q1) results, a run-up in share price in July, and downgrades by a clutch of brokerages.

RIL’s global depository receipts ended 5.86 per cent lower on the London Stock Exchange on Friday. While the stock has been on an uptrend since its March lows, gaining 25 per cent since, as much as half of those gains have come in just the past three weeks.

Analysts at Emkay Research, led by Sabri Hazarika, have downgraded the stock to