New Delhi, June 11 -- Reliance Industries' share price has turned a laggard so far this year, shedding almost 20% compared with an 11% decline in the Nifty 50 index so far this year. But this underperformance could end soon, according to Equirus Securities, which sees catalysts for re-rating emerging soon.

India's most valuable stock's valuation is at attractive levels, with forward P/E compressing to ~19x (versus average of ~21x) and EV/EBITDA at ~9.9x, even < -1SD band, nearing multi-year trough levels of ~9.6x, the brokerage said.

Medium-term underperformance, near-term positive earnings surprise in O2C and valuation near to post-COVID low make risk-reward equation favourable, Equirus said as it upgraded the Reliance Industries stock...