Revision in the outlook follows RIL announcing plans to sell a 20 pc stake in its oil-to-chemical division to Saudi Aramco.
A refinery in India can also be a base for it to export fuel to deficit countries in Europe and the Americas.
The scrip opened the day on a bullish note and jumped 12.09 per cent to Rs 1,302.50 on the BSE.
Aramco to buy 20 per cent in ‘oil to chemicals’ division for $15 billion, BP to buy 49 per cent in petrol pumps.
The fall in income comes amid renewed speculation the company was preparing for its much-delayed overseas stock listing.
Reliance will induct leading global partners in (telecom arm) Jio and Reliance Retail in the next few quarters.
Govt panel has recommended allowing marketing rights for sale of gasoil and aviation fuel with a net worth of 2.5 bn rupees.
Meeting stringent environment norms such as not producing petroleum coke, and relocation of the plant has jacked up the cost.
The plan has faced delays as farmers refused to surrender land, forcing the Maharashtra government to find a new location.
The refinery was initially proposed to be built at Nanar, a village in Ratnagiri district, some 400 kms (250 miles) south of Mumbai.