Economy Here's why Macquarie downgrades Reliance Industries to 'underperform', advises to buy around Rs 1,200 Updated : January 31, 2020 02:56 PM IST Some of the risks highlighted include no Saudi Aramco bid, Reliance Jio's average revenue per user, no IMO benefit, and rising competition in the retail segment. The brokerage cautions that its fundamental bear case is nearly 35 percent below the current price and it would assign at least a 30 percent weight to each of the risk factors. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.