Chennai Petroleum shares down over 2% as net profit halves

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 Rs 297.90 on BSE. During the day, it lost 3.19 per cent to Rs 295.55.
At NSE, shares of the company declined by 2.34 per cent to settle at Rs 298.20.
Standalone net profit of Rs 469.8 crore, or Rs 31.55 a share, was 49.25 per cent lower than Rs 925.7 crore, or Rs 62.17 per share, in the same period a year ago, the company said in a regulatory filing.

It earned USD 8.02 on turning every barrel of crude oil into fuel as against a gross refining margin (GRM) of USD 10.09 last year.
Revenue fell to Rs 9,781.4 crore in April-June, from Rs 11,388.4 crore a year earlier because of drop in oil prices.