Chennai Petroleum tumbles after weak Q4 results

Chennai Petroleum Corporation fell 5.07% to Rs 396 at 11:28 IST on BSE after net profit declined 31.09% to Rs 170.81 crore on 17.77% rise in net sales to Rs 6819.15 crore in Q4 March 2017 over Q4 March 2016.

The result was announced after market hours yesterday, 15 May 2017.

Meanwhile, the S&P BSE Sensex was up 118.09 points, or 0.39% to 30,440.21.

On the BSE, 1.57 lakh shares were traded in the counter so far, compared with average daily volumes of 80,210 shares in the past one quarter. The stock had hit a high of Rs 410 and a low of Rs 392.60 so far during the day. The stock hit a 52-week high of Rs 424.80 on 11 May 2017. The stock hit a 52-week low of Rs 178.95 on 24 June 2016.

The stock had outperformed the market over the past one month till 15 May 2017, rising 8% compared with 2.92% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 15.78% as against Sensex's 7% rise.

The mid-cap company has equity capital of Rs 149 crore. Face value per share is Rs 10.

Chennai Petroleum Corporation's net profit rose 38.81% to Rs 1029.75 crore on 7.13% rise in net sales to Rs 27669.92 crore in the year ended March 2017 over the year ended March 2016.

State-run public sector oil marketing firm Indian Oil Corporation (IOC) holds 51.88% stake in Chennai Petroleum Corporation as per the shareholding pattern as on 31 March 2017.

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