Chennai Petroleum Corporation Ltd.'s share price fell sharply by 5.9% in trade on Thursday as crude oil prices cooled off to trade below $104/barrel even as energy supply constraints piled up.
The stock fell to a low of Rs 1,455.30 apiece on the NSE, as against a 1.28% advance in the benchmark Nifty index. The shares pared some losses to trade 5.5% lower at Rs 1,460 apiece.
Share Price history
The shares have zoomed 74.55% year-to-date, and nearly doubled in the last 12 months.
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Crude Oil Cools
Crude oil prices cooled off with Brent Crude slipping to $104.9 per barrel levels on Thursday even as a cargo ship sank in the Strait of Hormuz after being stuck by an "unknown projectile", and Iran-backed Houthis continued to attack energy units in Saudi Arabia
As of 10:41 a.m. IST, Brent traded 1.66% lower at $104.3 per barrel and WTI traded 1.14% lower at $94.03 per barrel.
The West Texas Intermediate traded 0.93% lower at around $94.19 levels. Elsewhere, an energy ceasefire declared between Russia and Ukraine by US President Donald Trump was allegedly flouted, after Moscow said Ukraine attacked two oil refineries, though Kyiv denied the claim.
Trump once again claimed that the Iran war is going to be "over very soon" while talking to reporters. The Republican President also said that he had to make an excursion down to Iran to take away their nuclear weapons.
The Trump administration has proposed unfreezing some Russian government assets, which were frozen post Moscow's 2022 invasion of Ukraine in an effort to revive stalled peace negotiations. However, European officials have rejected the proposal, as per a report by the financial times.
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