** Coles Group COL.AX falls as much as 2.9% to A$22.045, lowest since August 26
** Stock set for steepest intraday pct drop since August 22
** Australia's second-largest grocer posts ~4% jump in Q1 sales revenue
** However, Jefferies says Woolworths may have begun to close gap to Coles from late in Q1, when it took action to invest in value, upweight inventory levels
** YTD, COL gains 17.2%
($1 = A$1.5389)
(Reporting by Shivangi Lahiri in Bengaluru)
((shivangi.lahiri@thomsonreuters.com))
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