MRPL declines 3% after intense monsoon forces co to shut refinery unit; stock at 52-week low

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Shares of Mangalore Refinery and Petrochemicals (MRPL) declined 3 percent intraday on August 20 after the company closed its Phase-III process units of the refinery due to intensified monsoon.

It has touched its 52-week low of Rs 49.

The company in its press release said that the refinery has been affected by a minor landslide as an aftermath of the intensified monsoon in Dakshina Kannada District, hence as a precautionary measure, we have structured shutdown of the Phase-III process units of the refinery to access the condition of the facilities in the vicinity and for immediate stabilisation.

The Phase-I and Phase-II of the complex as well as the product despatch facilities remain unaffected and are operating normally, it added.

At 12:08 hrs Mangalore Refinery and Petrochemicals was quoting at Rs 49.25, down Rs 1.50, or 2.96 percent on the BSE.