Chennai Petroleum plunges 5% as refinery shut due to floods

Mumbai, Dec 3: Shares of Chennai Petroleum Corporation Ltd plunged by 5 per cent on Thursday as the company shut its 10.5 million tonnes Manali refinery near Chennai due to floods caused by heaviest rainfall in over a century.

The stock slipped 5.04 per cent to settle at Rs 191.30 on BSE. During the day, it lost 5.6 per cent to Rs 190.15.

At NSE, shares of the company went down by 5.14 per cent to Rs 191.75.

The company's market valuation fell by Rs 150.32 crore to Rs 2,848.68 crore.

In terms of volume, 1.53 lakh shares of the company changed hands at BSE and over 8 lakh shares were traded at NSE during the day.

"The refinery was shut last night due to heavy rains and floods", CPCL Managing Director Gautam Roy said.

CPCL, a subsidiary of Indian Oil Corp (IOC), is however operating smaller 1 million tonnes a year Nagapattniam unit normally.

PTI