Shares in Reliance Industries (RIL) lost 1.3%, with traders citing fears of weaker fiscal Q4 earnings due to falling refining margins and reduced output from its KG-D6 gas blocks.
Bank of America-Merrill Lynch warned Jan-March net profit would drop 20% year-on-year to Rs 4,290 crore, in a report dated on Monday, maintaining its "neutral" rating on the stock.
The brokerage also cut its earnings-per-share forecast for Reliance Industries for fiscal 2012 by 3% to Rs 61.2 and its price target on the stock by 2% to Rs 831, to also reflect higher-than-expected net debt.
RIL shares have endured a tough March due to profit concerns, losing 8.6% in the month, far above the 1.7% loss in the broader Nifty index.