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Heavy Q3 losses reported – Chennai Petroleum share price fell by 16%

The Chennai Petroleum Corporation share price collapsed by 16 percent after the company released its Q3 reports on January 27, 2021.

Company has reported a heavy loss of Rs 556 crore, incurred in the last quarter December 2020. The company ran on losses due to tax expenses and low refinery run.

The company however reported a profit of Rs 290.58 crore in the same fiscal year 2020.

Sudden drop in the international oil prices led to drop in the cost of materials consumed by more than 35 percent. It led to more Rs 5,470.80 crore’ s decline.

Company’s excise duty almost got doubled soaring at Rs 5,578.89 crore. Apart from the decline in the international oil prices, the company also reported a lower product demand for the previous year.

Due to the global pandemic and simultaneously the national lockdown, resulted in decline in the demand for fuel products.

This also resulted in lower refinery run. The scrip has however touched a high of Rs 104.40 on intraday high and an intraday low of Rs 97.35 on the downside.

An increase of 81.76 percent was witnessed in the scrip volume in the first five days of the session.

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