Mangalore Refinery And Petrochemicals Ltd (MRPL) saw its shares decline by 10% from their day's high on Wednesday after a fire broke out at the company's Coker Hydrotreater Unit (CHT). The incident was triggered by the rupture of a high-pressure Cold Separator within the unit, leading to an immediate emergency response.
Incident Details and Response
Following the rupture, MRPL's emergency response and firefighting teams were promptly deployed to contain the blaze. The affected unit's battery limits were quickly isolated to prevent further spread. The company confirmed that the fire had been brought under control, though firefighting operations were expected to continue for some time as part of safe handling procedures.
MRPL assured the public that there was no reason for panic for individuals both inside and outside the refinery premises. The company is closely monitoring the situation, prioritizing the safety of its personnel and the facility.
Market Reaction and Recovery
The news of the incident led to a significant drop in MRPL's stock price. Shares touched a day's high of Rs 180.75 before plummeting to a low of Rs 162.40, marking a 10.15% decline. However, the stock later recovered some of its losses, closing at Rs 169.25, down 1.43% from its previous close of Rs 171.70.
Casualties and Future Information
MRPL reported that no major injuries occurred during the incident. One individual sustained a minor injury and was transported to a hospital, where they are reported to be out of danger and receiving necessary medical attention.
The company stated that further verified information, including any potential operational disruption or financial impact, would be shared as it becomes available. Mangalore Refinery and Petrochemicals Limited is a Schedule 'A' Miniratna Central Public Sector Enterprise primarily involved in crude oil refining and petrochemical manufacturing.