India's MRPL falls most in six weeks on drop in March quarter profit

Mangalore Refinery and Petrochemicals

27/04/2026 10:20

** Oil refiner Mangalore Refinery and Petrochemicals' MRPL.NS shares fall as much as 7.56% to 172.29 rupees apiece, their steepest intraday decline in six weeks

** Drop after MRPL posts 68.5% year-on-year drop in consolidated net profit in March quarter to 1.17 billion rupees

** PL Capital downgrades MRPL to "sell" from "accumulate" and lowers price target to 143 rupees from 192 rupees earlier, after the results

** Says downgrade reflects increase in MRPL's debt, while weak Q4 performance is driven by higher employee costs and forex loss of 6.1 billion rupees

** MRPL shares are up 14% in 2026, according to exchange data

 (Reporting by Bharath Rajeswaran in Bengaluru)

 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))