MRPL Shares Slide 10% After Fire at Mangaluru Refinery

Madras Petroleum Limited (MRPL) shares fell sharply on Tuesday, reversing earlier gains after a fire broke out at its refinery in Mangaluru. The blaze, which was reported in the early hours, was contained within a few hours but raised concerns about potential disruptions to the refinery’s output. The stock opened at a 10% discount to its intraday high, reflecting investor worry over the incident’s impact on production and earnings. MRPL, which is listed on both the NSE and BSE, has historically been a key player in India’s refining sector. Market analysts noted that the incident could affect the company’s supply chain and cost structure in the short term.