Comments
Shares of state-run Chennai Petroleum Corp Ltd dropped as much as 6.75 per cent to Rs 245.15, marking their biggest intraday percentage loss in more than three weeks as expenses have hurt the company’s Q2 profit.
CPCL had on Monday reported that its September-quarter profit plunged about 93 per cent to Rs 23.61 crore ($3.21 million). Total expenses surged to Rs 15,005 crore from Rs 9,999 crore, hurt by forex loses and input costs that nearly doubled in the quarter.
Nearly 1 million shares changed hands, as of 0546 GMT, 1.4 times their 30-day moving average of 679,444 shares. CPCL’s market cap came down by about Rs 264 crore since last close. Up to last close, the stock had fallen about 39 per cent this year.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.