Reliance Industries Rating Cut by Top Nomura Analyst for First Time in Years
- Nomura slashes India’s biggest stock for first time in years
- Sharma ranked among top analysts and has worked with Reliance
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A downgrade of Reliance Industries Ltd., India’s biggest stock by market value, by Nomura Holdings Inc. analyst Anil Sharma’s team just days before its earnings citing “rich” valuations will pique investor interest for multiple reasons.
Apart from the timing, with commodities hitting new records and Reliance’s earnings due on Friday, Sharma’s move to slash billionaire Mukesh Ambani’s oil-to-tech conglomerate to neutral from buy may carry more weight with investors due to the analyst’s background. It’s also the broker’s first downgrade on the stock in many years, according to data compiled by Bloomberg.