New Delhi, Feb 1 (PTI) Shares of Hindustan Petroleum Corporation Ltd (HPCL) on Tuesday fell nearly 5 per cent after the firm reported a 63 per cent decline in third quarter net profit.

The stock declined 4.77 per cent to Rs 299 on BSE.

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On NSE, it tumbled 4.83 per cent to Rs 298.90.

The company on Monday reported a 63 per cent decline in third quarter net profit as it booked inventory losses.

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Net profit in October-December stood at Rs 869 crore, as compared with Rs 2,355 crore for the same period last year.

"The profit was affected primarily due to the price fluctuations in Q3 2021 leading to inventory losses compared to inventory gains in the corresponding period last year," HPCL Chairman and Managing Director M K Surana told reporters.

While refusing to give inventory loss numbers, he said the loss was on the marketing side -- meaning it sold fuel at less than its cost.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)