RIL shares fall over 2% on Macquarie downgrade

Retaining its price target, Macquarie, in a note, said that it did not ascribe value accretion from JFSL (erstwhile Reliance Strategic Investments). With the key tactical catalyst in the form of demerger behind now, Macquarie sees RIL shares underperforming on the likelihood of lower earnings going ahead, it said, estimating the FY24-25E net profit at 15%-20% below the visible alpha consensus.

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