Shares of the country's top refiner, Indian Oil Corp, fell as much as 4.7 per cent to Rs 141.25, their biggest daily percentage fall since October 5.

The company's Q2 profit fell 12.2 per cent to Rs 32.47 billion ($445.65 mln), missing estimate by a wide margin, as forex expenses and raw material costs weighed.

The September-quarter GRM stood at $6.79/bbl, down from $7.98/bbl a year ago, the company said on Friday.

Oil prices fell as the start to US sanctions against Iran's fuel exports was softened by waivers that will allow major buyers to still import Iranian crude, at least temporarily, including India.

Up to Friday's close, the stock has fallen over 23 per cent so far this year.