Reliance Industries shares present a risk-reward proposition. Citi reports Jio or Retail units are valued at a 15 percent discount. Jio's implied valuation is 15-25 percent below Bharti Airtel. Retail's valuation is 15 percent below prior private equity deals. Citi sets a target price of Rs 1,690. This suggests over 22 percent upside potential. This disparity exists despite growth forecasts.