RIL Plunges 5% Amidst Oil Report Denial; Axis Capital Raises Target, Sees 28% Upside

• Reliance Industries shares dropped 5% on Tuesday after denying a Russian oil report, despite hitting an annual high a day prior.
• Axis Capital maintained a 'buy' rating and increased RIL's target price to ₹1,916, projecting a 28% upside from current levels.
• Brokerage cites RIL's consumer businesses, potential RCPL demerger, and undervalued retail segment as key growth drivers.
• Jio Platforms' valuation was raised to $142 billion, now on par with Bharti Airtel's India business.
• Future growth is also expected from business improvements and potential telecom tariff hikes.

Why It Matters: Despite a 5% dip, Axis Capital sees a 28% upside for RIL, driven by strong fundamentals and strategic moves.