Hindustan Oil Exploration Shares Plunge Over 19%, Even As Q1 Profit Doubles

Shares of Hindustan Oil Exploration Co. tumbled over 19% on Wednesday, even as its revenue and profit doubled in the first quarter.

The company's net profit surged 104.23% year-on-year to Rs 66.07 crore in the quarter ended June, according to an exchange filing.

Hindustand Oil Exploration Q1 FY24 Highlights (YoY)

• Revenue up 100.33% at Rs 187.15 crore.

• Ebitda up 100.92% at Rs 109.72 crore.

• Ebitda margin at 58.63% versus 58.46% a year ago.

• Net profit up 104.23% at Rs 66.07 crore.

The company also informed that Ramasamy Jeevanandam will be appointed as the managing director with effect from Oct. 1 after the incumbent Pandarinathan Elango retires on Sept. 30, subject to the approval of the shareholders of the company.

Shares of Hindustan Oil Exploration traded 18.21% lower after having fallen by over 19.58%, compared with a 0.24% decline in the NSE Nifty 50 as of 10:38 a.m.

Total traded volume so far in the day stood at 17.7 times its 30-day average. The relative strength index was at 35.62, implying that the stock may be oversold.