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Shares of Mangalore Refinery and Petrochemicals (MRPL) reversed all their intraday gains in Wednesday's trade on 30 September and turned lower after the company reported a fire accident at its refinery facility near Jokatte in Mangaluru.
The shares began the session on a higher note at ₹172.50 and went on to hit a day's high of ₹180.80 before giving up all their gains and falling 10% from the day's high to a low of ₹162.50. At the time of writing this report, the stock was trading 0.75% lower at ₹170.40.
The company in its filing today, said an incident involving rupture of the Cold Separator operating at high pressure in the Coker Hydrotreater Unit occurred at
It said the battery limits of the affected unit have been isolated, and MRPL’s emergency response and firefighting teams are actively engaged in controlling and dousing the fire. Fire has been brought under control.
MRPL said the firefighting operation may continue for some time as part of the safe handling of the incident.
No major injuries have been reported. One minor injury has been reported and shifted to hospital and is out of danger and necessary medical attention is being provided, the company said.
The situation is being closely monitored, with safety of personnel and the facility being accorded the highest priority, MRPL added.
MRPL also said there is absolutely no reason to panic for individuals within and outside MRPL premises.
The shares finished September with a mild drop of 0.60%, with the majority of the losses coming in today's session. Looking back, the shares staged a strong comeback in June with a 3% gain after finishing three consecutive months in the red.
The momentum carried further in the following month, with another 14% jump, before losing it. In the current year so far, the stock is up 11.37% and, if it closes the year higher, it will mark its sixth straight year of gains.
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Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.
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