* Shares in state-run producer Oil & Natural Gas Corp
fall as much as 2.5 percent a day after posting a
bigger-than-expected fall in July-September net profit due to
* Lower production is another concern, analysts say: HSBC
estimates ONGC posted a fourth sequential quarterly decline in
crude oil production.
* HSBC maintains its 'neutral' rating on the stock with a target
price at 300 rupees.
* ONGC shares down 2.3 percent at 259.15 rupees as of 0613 GMT.