State-owned oil refiner Hindustan Petroleum Corp Ltd's shares fall as much as 2.3 pct to 421.70 rupees.
Co's Q2 profit fell short of analysts' estimates but more than doubled compared to last year, to 17.35 bln rupees ($266.68 mln).
"HPCL's Q2 net profit was 22 pct below Jefferies estimates," Jefferies analysts write in a note.
Realizsd refining margins were $0.50 lower than estimates but much of the miss came from the apparent fall in non-auto marketing margins - Jefferies.
Jefferies cuts stock's price target to 385 rupees from 400 rupees, maintains "underperform" rating.
Nineteen of 37 brokerages rate the stock "buy" or higher, seven "hold" and 11 "sell" or lower; median PT is 442.33 rupees - Thomson Reuters Eikon data.
Stock on track for a third straight session of losses.
($1 = 65.0600 Indian rupees)
