Chennai Petro shares plummets as over 11% amid Q2 net loss, negative refining margins

New Delhi: The Shares of the IOCL’s subsidiary, Chennai Petroleum Corporation Ltd plunged as much as 12% on Wednesday after the company slipped into a loss during the September quarter.

Chennai Petro reported a net loss of Rs 633.7 crore for the July-September period, compared to a net profit of Rs 343 crore during the June quarter. Revenue for the quarter fell to Rs 12,086 crore, a drop of 29% from the June quarter when the topline figure stood at Rs 17,095 crore.

Chennai Petro's Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) came in at a loss of Rs 643 crore, while in the June quarter, that figure stood at a positive Rs 343 crore. Gross Refining Margins for the quarter also slipped into the negative of $1.5 per barrel from a positive figure of $6.33 per barrel in June.

The Shares of Chennai Petroleum Corporation are currently trading 10.5% lower at Rs 786.8. The stock is down nearly 40% from its recent peak of Rs 1,277.