On July 25, 2023, the Chennai Petroleum Corporation share slipped 10% after the business presented poor earnings.

The company’s combined revenue fell 34% to Rs 17,985.67 crore in the June quarter as associated with Rs 27,449.52 crore described a year ago, while its net profit plunged 76% YoY to Rs 556.5 crore, and EBITDA (earnings before interest tax depreciation and amortisation) declined 72% to Rs 949.87 crore. Its operating margin contracted suddenly to 5.3% from 12.4% a year ago.

At 11.43 am, the shares traded 8.5% lower at Rs 403.55 on the BSE. In the three months, the stock rose 56% and rallied close to 100% year-to-date.

Chennai Petroleum Corporation is involved in refining crude oil to produce and supply numerous petroleum products and manufacturing and selling lubricating oil extracts.

FIIs raised their stake in the business to 8.49% in June 2023 from 2.57% in September 2020, whereas DIIs clipped their holding to 1.97% from 5.08% in the same period.