Expect 15-18% upside in RIL: R Shah

Rajen Shah of Angel Broking is of the opinion that the worst has been factored in Reliance Industries and one can expect about 15-18% of an upside over the next 12 months or so.

Shah told CNBC-TV18, "Reliance Industries is down almost 62% from the top and in fact the price had corrected almost 68% to 70% from the top. But today it stands about 62% down from the top and what it has discounted in the 62% correction is one excess flab, which was there in the Reliance stock has also discounted the fall in the Pet-Chem and the refining margins, which we are going to see in the coming quarters. So most of the bad news has been factored in the stock price and the possibility of the stock touching the low, which we touched on 27th October, is very remote and I do expect it to maybe tumble another 5-7% from here. But the worst has been factored in and one can expect about 15-18% of an upside over the next 12 months or so."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.

Source: Moneycontrol