Shares of Mangalore Refinery and Petrochemicals (MRPL), a subsidiary of Oil and Natural Gas Corporation, decline nearly 9 percent after media reported the company incurred a net loss of Rs 1,521 crore vs a profit of Rs 173 crore a year ago.
The company's gross refining margin, the difference between price of crude oil and the refined product, was a (-)$4.15 per barrel, which means the company is losing $4.15 per barrel on refining. This is against $3.72 per barrel margin it got a year ago, CNBC-TV18 reported.
Its gross turnover was Rs 13,470 crore compared with Rs 14,520 crore a year ago.
MRPL also incurred a foreign exchange loss of Rs 649 crore, wider than Rs 83 crore a year ago.
At 3 p.m, the stock was at Rs 53.80, down 5.20 percent.