Chennai Petroleum is among the top five losers on the BSE; from its previous close of Rs.442.25, the stock opened 9.5% lower at Rs.400 but from there, it recouped and is now trading at Rs.408.

The stock price fell after it posted a dismal set of earnings for Q2FY24. It reported a 77% (YoY) drop in net profit at Rs.548 crore. This was on a 36% drop in total revenue at Rs.14,745 crore.

EBITDA came in at Rs.950 crore, down 72% while margins dropped from 14.7% to 6.4%.

The fall in the earnings was blamed on falling average gross refining margins (GRM) – it was at Rs.8.33/barrel as against Rs.25/barrel (YoY).