India's Reliance Industries declines on Q2 profit fall
** Reliance Industries RELI.NS drops 0.7% to 2,732 rupees after posting near 5% drop in Q2 profit
** At least 6 of the 31 brokerages covering RIL cut their target price, while 3 hikes TPs -LSEG data
** Jefferies keeps 'buy', cuts TP by ~3% to 3,400 rupees saying subdued refining and petchem margins led to core profit miss at oils-to-chemicals (O2C) business
** Antique Stock Broking slashes TP by ~11% to 2,846 rupees, but keeps 'hold', saying tariff hike in Jio telecoms unit will continue to flow through the year
** Analyst avg rating on RELI is equivalent of 'hold' and avg TP is just shy of 3,261 rupees -LSEG data
** RIL cuts YTD gains to under 5% vs ~16% jump in Nifty 50 .NSEI
** Ambit Capital ('sell'; 2,725 TP) expects RIL to now move in tandem with Nifty on O2C earnings rebound, telco tariff hikes
Reporting by Manvi Pant in Bengaluru
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