HPCL dips 5.5% on loss in Sep quarter

Mumbai: Shares of Hindustan Petroleum Corp Ltd (HPCL) today fell by 5.5 percent after the firm reported a net loss of Rs 320.50 crore for the July-September quarter.

The stock dipped 5.3 percent to Rs 751.75 on BSE.

At NSE, shares of the company declined by 5.52 percent to Rs 751.25.

State-owned HPCL had yesterday reported a net loss of Rs 320.50 crore in July-September quarter due to huge inventory losses.

The company had a net profit of Rs 850.21 crore in the same period a year ago, HPCL Director, Finance J Ramaswamy said.

"The loss was mainly because crude oil dropped by USD 10 per barrel resulting in an inventory loss of Rs 1,400 crore. Also there was a foreign exchange loss of Rs 180 crore," he said.

The drop in oil prices also meant that turnover dipped to Rs 42,072.27 crore from Rs 51.667.02 crore last year.