Shares of the Indian Oil Corp scrip fell over 7.5 percent Friday on the Bombay Stock Exchange as a fire in a major oil products depot on the outskirts of Jaipur continued to rage, leading to an estimated loss of Rs.200 crore.
Shares of the Indian Oil Corp scrip fell over 7.5 percent Friday on the Bombay Stock Exchange as a fire in a major oil products depot on the outskirts of Jaipur continued to rage, leading to an estimated loss of Rs.200 crore.
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The shares of the state-run refinery major fell to Rs.291.50 in early trade, down from its previous close at Rs.315.25, but stabilised marginally at Rs.308.10 later.
Petroleum Minister Murli Deora, who reached Jaipur early morning, said the cause of the fire that broke Thursday evening was still being ascertained even as some eyewitnesses said it broke after a leak from one of the tanks, which also caused a loud explosion.
The company has 11 huge tanks and all of them were seen burning. The rising flames and dark smoke could be seen from a distance of over 15 km.
While the oil minister said the losses will be estimated by experts, analysts felt it could be as high as Rs.200 crore.
"We will have to let all the fuel burn. Only then will experts be able to go anywhere near the site," Deora told reporters here after a visit to the site with senior officials of the state-run company.
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