Oil India shares fall after earnings miss estimates

Shares in state-run Oil India Ltd fall after the company reported a 26 percent fall in its Jan-March net profit. Oil India stock was down 2.5 percent as of 10:57 a.m.

Domestic brokerage Motilal Oswal Securities said Oil India's profit was significantly below estimates on lower oil and gas production and higher-than-expected subsidy.

Oil India shares had surged 21.3 percent this month until Tuesday along with other state-run companies on hopes of an economic revival and cheap valuations compared to private sector rivals.

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