Chennai Petroleum shuts refinery due to floods, shares slump over 5%

By: | Updated: December 3, 2015 4:37 PM

Chennai Petroleum Corp Ltd shares were trading over 5 per cent down on Thursday afternoon after the company shut its 10.5 million tonnes Manali refinery near Chennai due to floods caused by heaviest rainfall in over a century

Chennai Petroleum refineryCPCL, a subsidiary of Indian Oil Corp (IOC), is however operating smaller 1 million tons a year Nagapattniam unit normally. (PTI)

Chennai Petroleum Corp Ltd shares were trading over 5 per cent down on Thursday afternoon after the company shut its 10.5 million tonnes Manali refinery near Chennai due to floods caused by heaviest rainfall in over a century.

At 3.21 pm, shares of the company were trading 5.06 per cent down at Rs 191.25. The scrip opened at Rs 190.40 and had touched a high and low of Rs 201.00 and Rs 190.40, respectively in trade so far. Later, the scrip closed losed 5.04 per cent down at Rs 191.30.

“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 tons a year Nagapattniam unit normally.

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.

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