Reliance posts 7.7 percent drop in Q3 profit

MUMBAI (Reuters) - Reliance Industries Ltd posted a 7.7 percent fall in quarterly profit, lower than analysts' estimates, as a steep decline in crude oil prices hurt the company's core refining business.

Net profit was 50.85 billion rupees ($822 million) in the three months ended December on a standalone basis, down from 55.11 billion rupees a year earlier, the Mumbai-based conglomerate said in a statement.

Analysts on average expected the company to report earnings of 52.70 billion rupees, according to Thomson Reuters I/B/E/S.

($1 = 61.8650 Indian rupees)

(Reporting by Aman Shah in Mumbai; Editing by Biju Dwarakanath)