Shares of Hindustan Petroleum Corp Ltd (HPCL) on Tuesday fell by 5.5 per cent after the firm reported a net loss of Rs 320.50 crore for the July-September quarter. (Reuters)
Shares of Hindustan Petroleum Corp Ltd (HPCL) on Tuesday fell by 5.5 per cent after the firm reported a net loss of Rs 320.50 crore for the July-September quarter.
The stock dipped 5.3 per cent to Rs 751.75 on BSE. At NSE, shares of the company declined by 5.52 per cent to Rs 751.25.
State-owned HPCL had yesterday reported a net loss of Rs 320.50 crore in July-September quarter due to huge inventory losses.
The company had a net profit of Rs 850.21 crore in the same period a year ago, HPCL Director, Finance J Ramaswamy said.
“The loss was mainly because crude oil dropped by USD 10 per barrel resulting in an inventory loss of Rs 1,400 crore. Also there was a foreign exchange loss of Rs 180 crore,” he said.
The drop in oil prices also meant that turnover dipped to Rs 42,072.27 crore from Rs 51.667.02 crore last year.
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