Sudarshan Sukhani of s2analytics.com has expressed concerns over weakness in Reliance Industries stock. He said that the bluechip company controlled by Mukesh Ambani is already hovering around its 52-week lows. He does not expect the company to see a quick recovery from current lows.
He expects the stock to touch Rs 651 level and remain under pressure for longer period. The stock is currently trading at Rs 681 on NSE and has touched a 52-week low of Rs 674 today. With a P/E ratio of 12.96, the stock seems fairly priced but the concerns over future performance are putting further pressure on the stock price.
On 9 May, 2012, Shardul Kulkarni of Angel Broking said that he expected Reliance to touch Rs 680 levels. He expects weakness in the stock unless it goes above Rs 720 level.
GAIL and Oil India were among 11 companies which have shown interest in Mukesh Ambani's company Reliance Gas Transportation Infrastructure. The company was earlier formed as subsidiary of Reliance Industries in March 2003.
With economic uncertainity and decline in stock markets, investors should wait for some time before entering Reliance Industries.