** Shares of Australia's Nickel Industries NIC.AX fall as much as 3.1% to A$0.93 to post their biggest intraday pct drop since January 19; stock last down 1.3%

** Nickel producer posts quarterly adjusted EBITDA from operations of $37.3 million, sharply lower than the $86.6 million reported a quarter earlier

** Adjusted EBITDA at Hengjaya Mine turned negative in December quarter after delay in Rencana Kerja dan Anggaran Biaya extension resulted in downtime and $18m in mining contractor standby charges

** Stock has declined 12.9% this month

(Reporting by Anjali Singh in Bengaluru)

((anjali.singh2@thomsonreuters.com;))