Indian refiner and power generator Essar Energy on Monday said core earnings had fallen by 10 percent in 2011 due to weaker refining margins and the depreciation of the Rupee in the latter part of the year. Full year earnings before EBITDA stood at $624.8m compared with $696.5 the year before.

Shares in Essar are now only worth a third of their 2010 listing price as they fell by 41 percent over the last three months alone.

Essar Energy in early trading on Monday was the biggest loser on the FTSE 100, which dropped below 5,900 following an unfruitful G20 meeting.