HPCL Slumps Over 8% on Reporting Loss in Q2

Shares of Hindustan Petroleum Corporation (HPCL) fell as much as 8.4 per cent to hit intraday low of Rs 727 after the state run oil marketing company reported loss in the second quarter of current financial year against profit during the same quarter last year.

HPCL reported net loss of Rs 320 crore against profit of Rs 850 crore. Its sales declined 18 per cent on year-on-year basis to Rs 42,072 crore from Rs 51,688.7 crore.

The company's loss from foreign exchange came in higher than estimated at Rs 140 crore and it also reported inventory loss Rs 1,879 crore in the recently concluded quarter.

Meanwhile, HPCL's gross refining margins came in higher at $2.74/barrel and marketing margins also rose back to Rs 2 per litre.

HPCL ended 7.41 per cent lower at Rs 735. The stock underperformed the Nifty closed 1.67 per cent lower.