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Shares of BPCL fell as September-quarter profit missed street views.
The stock fell as much as 3.6 per cent, posting its biggest intraday percentage loss since September 26.
The company's September-quarter profit surged 81 per cent to Rs 2,357 crore ($360.76 million), state-run refiner had said on Friday.
Profit missed analysts' forecast of Rs 2,456 crore, according to Thomson Reuters data.
BPCL's profit missed estimates on lower inventory gains and weak refining performance, according to CLSA analysts.
Average GRM for the quarter was $7.97 per barrel. CLSA, which still sees a 4 per cent downside on the stock, has retained the stock's rating as “sell".
Up to Friday's close, the stock was up 23.8 per cent this year.
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