Shares of Hindustan Petroleum Corp Ltd (HPCL) on Tuesday fell over 7 per cent after the firm reported a net loss of Rs 320.50 crore for the July-September quarter.
The share price of the company closed 7.60 per cent down at Rs 733.55.
State-owned HPCL had on Monday reported a net loss of Rs 320.50 crore in July-September quarter due to huge inventory losses.
The company had a net profit of Rs 850.21 crore in the same period a year ago, HPCL Director, Finance J Ramaswamy said.
“The loss was mainly because crude oil dropped by USD 10 per barrel resulting in an inventory loss of Rs 1,400 crore. Also there was a foreign exchange loss of Rs 180 crore,” he said.
The drop in oil prices also meant that turnover dipped to Rs 42,072.27 crore from Rs 51.667.02 crore last year.