Shares of Chennai Petro declined the most in a single day since June this year.
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Chennai Petroleum Corporation Ltd. shares plunged over 15 percent intraday on Thursday after the company's operating profit nearly eroded during the September quarter.
Gross Refining Margin or the difference between the value of the product leaving the refinery from when it enters dropped to $4.44 per barrel from $25.04 per barrel quarter-on-quarter.
Shares of Chennai Petroleum are trading 12 percent lower as of 1:30 PM at Rs 206.60. This is the stock's biggest single-day drop since June this year.