HPCL slips 4%, nears 52-week low on net loss in September quarter

Shares of Hindustan Petroleum Corporation Limited (HPLC) slipped 4 per cent to Rs 203.55 on the BSE in Friday’s intra-day trade after the oil marketing company posted a consolidated net loss of Rs 2,172.14 crore in Q2FY23 (2022-23). The stock was now trading closer to its 52-week low of Rs 200, recorded on October 20, 2022.

The state-owned oil marketing company reported the second straight quarterly loss despite revenue rising 30 per cent to Rs 1.13 trillion. It had posted a consolidated net profit of Rs 1,923 crore in Q2FY22.

The company blamed depressed marketing margins on motor