BPCL shares tumble on weak earnings
Mumbai: Shares of Bharat Petroleum Corporation Ltd (BPCL) tumbled nearly 5 per cent today after the company reported 50 per cent drop in net profit for September quarter.
BPCL stock dipped 4.35 per cent to Rs. 730.05 on the BSE. On the NSE, it was down 4.61 per cent to Rs. 730.
BPCL had yesterday reported 50 per cent drop in net profit for the September quarter as refining margins dipped on slumping international oil prices.
Net profit in the July-September period at Rs. 464.20 crore, or Rs. 6.42 per share, was 50 per cent lower than Rs. 931.13 crore, or Rs. 12.88 a share, in the same period a year ago, the company had said in a filing to the stock exchanges.
The company earned $2.36 on turning every barrel of crude oil into product as opposed to a gross refining margin of $4.38 per barrel last year.