Shares of BPCL fell as much as 2.3 per cent to Rs 473 as Q1 profit slumped.
The company's Q1 profit slumped 72 per cent to Rs 745 crore ($116.50 million), missing analysts' estimates, according to Thomson Reuters data.
Gross refining margins (GRMs) fell to $4.88 per barrel from $6.09 per barrel last year, BPCL had said on Friday.
“Lower-than-expected GRMs and higher inventory/forex losses could be negative for BPCL,” Nomura analysts wrote in a note, adding that BPCL's numbers were weaker than peers.