Shares of Chennai Petroleum Corp Ltd (CPCL) today fell by over 2 per cent after the company reported halving of its June quarter net profit on lower refinery margin.
The scrip ended the day 2.42 per cent lower at ₹ 297.90 on BSE. During the day, it lost 3.19 per cent to ₹ 295.55.
At NSE, shares of the company declined by 2.78 per cent to settle at ₹ 296.85.
Standalone net profit of ₹469.8 crore, or ₹ 31.55 a share, was 49.25 per cent lower than ₹ 925.7 crore, or ₹ 62.17 per share, in the same period a year ago, the company said in a regulatory filing.
It earned $8.02 on turning every barrel of crude oil into fuel as against a gross refining margin (GRM) of $10.09 last year.
Revenue fell to ₹ 9,781.4 crore in April—June, from ₹ 11,388.4 crore a year earlier because of drop in oil prices.