Oil India, a government-owned company that explores, develops and produces oil and gas, fell on Wednesday after it posted a drop in standalone net profit for the quarter ended March 2014.

During the quarter, the profit of the company declined 26.02% to Rs 5,656.20 million from Rs 7,645.50 million in the same quarter previous year.

Net sales for the quarter declined 21.18% to Rs 19,481.50 million, compared with Rs 24,717.50 million for the prior year period.

Shares of the company are trading at Rs 567, down Rs 12.25, or 2.11% at the Bombay Stock Exchange (BSE) on Wednesday at 1:44 p.m.

The scrip has touched an intra-day high of Rs 569.95 and low of Rs 560. The total volume of shares traded at the BSE is 54,021.

In the earlier session, the shares fell 4.75%, or Rs 28.9, at Rs 579.25. Currently, the stock is trading down 10.4% from its 52-week high of Rs 632.80 and above 36.63% over the 52-week low of Rs 415.