Mumbai: Shares of Reliance Industries Ltd (RIL) fell by nearly 4 percent on the bourses on Monday despite the company reporting a nearly 16 percent rise in net profit in the second quarter this fiscal.

RIL, which carries the maximum weight on the BSE benchmark Sensex, fell by 3.76 percent to a low of Rs 834.15.

Similarly, on the NSE, the bellwether stock plunged by 3.82 percent to Rs 833.70.

The company was the top loser among the blue-chips during morning trade, pulling down the benchmark Sensex by 107.68 points to 16,975.01 at 1130 hours.

Reliance Industries came out with its Q2 results on Saturday.

The net profit of the company rose by 15.8 percent to Rs 5,703 crore in the July-September period -- RIL's highest quarterly profit since 2007.

The results by the company were mostly in line with the market expectations, analysts said.

RIL said its showpiece Krishna-Godavari Basin D6 gas fields have seen a sharp drop in production "mainly due to reservoir complexity".

Output from RIL's KG-D6 fields dropped by 20 percent to 147.2 billion cubic feet, or an average of just over 45 million standard cubic metres per day, during the quarter.

Meanwhile, according to media reports, CLSA has downgraded Reliance Industries to 'outperform' from 'buy' and has cut its target price to Rs 950 from Rs 960, citing a premium to global peers and weak gross refining margins (GRM).