Shares of Chennai Petroleum Corp. declined the most in nearly nine months after its first-quarter profit fell.
The company's net profit declined 76% year-on-year to Rs 556.5 crore in the quarter ended June, according to an exchange filing.
Chennai Petroleum Corporation Q1 FY24 (Consolidated, YoY)
Revenues down 34% at Rs 17,985.67 crore.
Ebitda down 72% at Rs 949.87 crore.
Ebitda margin at 5.3% vs. 12.4%
Net profit down 76% to Rs 556.5 crore.
Shares of Chennai Petroleum Corporation fell 8.08% to Rs 407.1 apiece as of 9:33 a.m., as compared to a 0.12% advance in the NSE Nifty 50. The scrip declined as much as 9.69% intraday, the highest single day fall since Oct. 27, 2022.
The scrip has risen nearly 97.7% year-to-date. Total traded volume stood at 7.2 times its 30-day average. The relative strength index was at 46.7.
Out of the three analysts tracking the company, one maintains a 'buy' rating, another recommends a 'hold', and the third suggests a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 11.2%.
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