Shares of Mangalore Refinery and Petrochemicals Ltd (MRPL) slipped around 10 per cent from the day’s high of Rs 180.75 after a massive ‘explosion’ occurred at the oil refinery near Jokatte on Wednesday. Earlier, the stock opened in the green at Rs 172.70 from the previous close of Rs 171.70 on the BSE. The stock gained further to touch the high of Rs 180.75. However, the stock tumbled after the explosion was reported and touched an intraday low of Rs 162.40 at 1:50 pm, down Rs 18.35, or 10.15 per cent, from the day’s high.
Last seen, the stock was trading at Rs 167.80, with a fall of Rs 3.90 or 2.27 per cent, and the market cap of the company stood at Rs 29,408.61 crore.
Loud explosion heard
Reports described a loud explosion followed by a large plume of thick black smoke, apparently visible even from far away. The explosion reportedly occurred in the Jokatte area, where the refinery’s third plant is located. A large fire and thick smoke rose from the facility.
The blast occurred inside the MRPL premises, and its impact was felt in several nearby areas. The explosion was so powerful that it shook the Mangaluru International Airport administrative office building in Bajpe, as well as homes and buildings in Jokatte and surrounding areas.
The effect was visible even at the airport office
The blast’s intensity caused the glass windows of the administrative office at Mangaluru International Airport to shake violently. The incident reportedly caused brief panic among airport staff and others present.
The blast’s impact was felt in Jokatte village, adjacent to the MRPL complex. Doors and windows of the Jokatte Gram Panchayat office and nearby homes were shattered.
After the blast, a plume of black smoke rose from the MRPL unit, visible from several kilometres away.
According to local police, eight people were slightly injured in the incident. An MRPL official said a contract labourer suffered 35 per cent burn injuries. Fire tenders from Mangaluru, Pandeshwar and nearby areas have rushed to the spot.
A large number of people have gathered near the panchayat building amid panic, according to DYFI leader Muneer Katipalla.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)