Reliance Industries has faced a notable decline in its stock price, shedding 8.5% since the end of January and falling below its 200-week moving average for the first time since the COVID-19 pandemic. The company's shares have been affected by a broader downturn in the Indian equity market, which has seen the number of companies valued at $1 billion or more decrease by nearly 20% over the past five months. Specifically, 118 listed companies have dropped below this valuation threshold. Despite this, analysts have shown renewed optimism, with brokerage firm Kotak Institutional Equities upgrading its rating on Reliance Industries to 'buy' from 'add', citing a potential 30% upside. Jefferies has also set a target price of Rs 1,600 per share, attributing the company's recent underperformance to a slowdown in retail and subdued earnings in its oil-to-chemicals segment. Analysts are increasingly bullish on Reliance, with 90% of recommendations classified as buy calls, driven by expectations of growth in retail and telecom sectors.