Lockdowns spurred by the second COVID wave in India have impacted demand for petroleum products. As stated by the company, petroleum product demand in India declined: 5%/11% for petrol/diesel in Apr'21 (v/s 2019) 33%/35% for petrol/diesel in May'21 (v/s 2019) Refinery utilization stood at ~96% in April and is at 84% in May'21; however, naphtha crackers are operating at 113% in May'21. Factoring in the same, we lower our FY22E EPS estimates by ~11%, primarily...