MRPL’s stock tore through the 10% mark, sliding from a peak of ₹180.75 to an intraday low of ₹162.40 at 1:50 pm – a ₹18.35 drop, or 10.15%, in a single trading session.
The fall came after PTI and India TV reported an explosion‑like blast at the refinery’s third plant in Jokatte, with residents claiming severe shockwaves and a plume of black smoke.
No formal statement from MRPL followed the incident; the company remains silent on the cause or immediate impact on operations.
The event rattled the local economy: nearby residential and commercial buildings reported glass damage, and even Mangaluru International Airport’s administrative office felt tremors. Eight minor injuries were reported, including a contract labourer with significant burn injuries.
Remaining in the oil & gas sector, MRPL’s stock reaction mirrors the broader market sentiment that prioritizes operational continuity and safety compliance. Investors are now watching for any regulatory filings or management guidance that may reassess the refinery’s risk profile.
MRPL has not yet issued guidance for the upcoming quarter, and the next earnings announcement is slated for the end of the fiscal year. Until then, the market will likely remain cautious, especially in the wake of the incident’s potential cost implications.