Chennai floods: Chennai Petroleum plunges 5% as company shut its refinery

Shares of Chennai Petroleum Corporation Ltd plunged by 5% on Thursday as the company shut its 10.5 million tonnes Manali refinery near Chennai due to floods caused by heaviest rainfall in over a century.

The stock slipped 5.04% to settle at Rs 191.30 on BSE. During the day, it lost 5.6% to Rs 190.15.

At NSE, shares of the company went down by 5.14% to Rs 191.75. The company's market valuation fell by Rs 150.32 crore to Rs 2,848.68 crore.

In terms of volume, 1.53 lakh shares of the company changed hands at BSE and over 8 lakh shares were traded at NSE during the day.

"The refinery was shut last night due to heavy rains and floods", CPCL Managing Director Gautam Roy said.

CPCL, a subsidiary of Indian Oil Corp (IOC), is however operating smaller 1 million tonnes a year Nagapattniam unit normally.