Credit Suisse downgrades Reliance Industries to underperform

Credit Suisse has downgraded RIL stock to ‘Underperform’ resulting in a fall in RIL shares by 3.48%.

The brokerage has cited multiple reasons behind this downgrade. Among the prominent reason cited were issues related to Jio, like JioPhone financing, weak per-user revenue, and slow enterprise rollout, were key. Higher crude payables are a major reason behind the increased payables.

RIL has remained free cash flow negative for the last 6 years and FY 2020-21 is expected to be the same.  

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