** State-owned oil refiner Hindustan Petroleum Corp Ltd's shares fall as much as 2.3 pct to 421.70 rupees

** Co's Q2 profit fell short of analysts' estimates but more than doubled compared to last year, to 17.35 bln rupees ($266.68 mln)

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** "HPCL's Q2 net profit was 22 pct below Jefferies estimates," Jefferies analysts write in a note

** Realizsd refining margins were $0.50 lower than estimates but much of the miss came from the apparent fall in non-auto marketing margins - Jefferies

** Jefferies cuts stock's price target to 385 rupees from 400 rupees, maintains "underperform" rating

** Nineteen of 37 brokerages rate the stock "buy" or higher, seven "hold" and 11 "sell" or lower; median PT is 442.33 rupees - Thomson Reuters Eikon data

** Stock on track for a third straight session of losses

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($1 = 65.0600 Indian rupees)