Shares of Chennai Petroleum Corp. tanked over 10% to the lowest in nearly three months after its profit dropped in the quarter ended December.
The Indian Oil Corp. subsidiary's consolidated net profit fell 69% sequentially to Rs 365.3 crore in the third quarter, according to an exchange filing on Monday.
CPCL Q3 FY24 Earnings Highlights (Consolidated, QoQ)
Revenue up 2.2% at Rs 17,376 crore.
Ebitda down 62% at Rs 679.6 crore.
Margin down 699 basis points at 3.91% vs 10.9%.
Net profit down 69% at Rs 365.3 crore.
On the NSE, Shares of the company fell as much as 10.33% during the day to Rs 761 apiece, the lowest since Nov. 1. It was trading 7.15% lower at Rs 788 per share, compared to a 0.20% advance in the benchmark Nifty 50 at 10:33 a.m.
The share price has risen 233.69% in the last 12 months. The total traded volume so far in the day stood at 2.7 times its 30-day average. The relative strength index was at 54.90.
Two out of four analysts tracking the company have a 'buy' rating on the stock and as many suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 4.3%.
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