The share price of Chennai Petroleum Corporation (CPCL) tumbled over 18 percent on Wednesday after the company reported weak results for the December quarter.

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CPCL has posted a Rs 556.44 crore loss in the December quarter due to lower refinery run and tax expenses. It had reported a Rs 290.58 crore profit in the same period a year back.

The stock fell as much as 18.5 percent to its day's low of Rs 97.35 per share on BSE.

Revenue from operations fell to Rs 11,458.32 crore in the third quarter of the current fiscal, from Rs 11,965.01 crore a year back.

CPCL owns and operates 10.5 million tonnes a year of oil refining capacity near Chennai.

While a fall in international oil prices meant the cost of materials consumed fell by over 35 percent to Rs 5,470.08 crore, CPCL’s excise duty payout almost doubled to Rs 5,578.39 crore. It did not give reasons.

"The demand for fuel products was lower during the first half-year due to COVID-related lockdown, resulting in lower crude thruput (refinery run). The capacity utilisation gradually improved during the current quarter (October-December),” the firm said in notes to the accounts.

(With inputs from PTI)