** Shares of EML Payments EML.AX fall as much as 8% to A$0.81, their lowest level since April 9

** The payment solutions provider set for its worst day since early April, if losses hold

** Co posts a 42% drop in underlying EBITDA for first quarter and 2% decline in total revenue

** Posts 10% decline in interest revenue due to central bank reductions over the last 12 months

** Stock largely unchanged this year, including the day's move

(Reporting by John Biju in Bengaluru)

((John.Biju@thomsonreuters.com;))