BPCL shares decline over 3% after Q1 earnings

New Delhi: Shares of Bharat Petroleum Corporation Ltd (BPCL) on Monday fell by over 3 percent after the company reported a net loss of Rs 6,291 crore in the first quarter of the current fiscal. The stock declined 3.14 percent to finish at Rs 325.75 apiece on the BSE. During the day, it dropped 4.75 percent to Rs 320.30.

On the NSE, it fell by 3.19 percent to Rs 325.65 apiece.

On Saturday, BPCL reported a net loss of Rs 6,291 crore in the first quarter of the current fiscal on holding fuel prices despite the rising cost.

Net loss was at Rs 6,290.8 crore in April-June compared to Rs 3,192.58 crore in the same period a year back, the company said in a statement.

Revenue from operations rose to Rs 1.38 lakh crore from Rs 89,688.98 crore in April-June 2021.

The company earned USD 27.51 on turning every barrel of crude oil into fuel in the quarter as against USD 4.12 per barrel gross refining margin a year back.

But this was negated by losses that were incurred because of holding fuel prices despite the rising cost.

(With PTI inputs)

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)