Mangaluru oil refinery stock drops after high pressure unit accident

Mangalore Refinery and Petrochemicals shares fell in Wednesday's trade after an accident at the facility near Jokatte in Mangaluru. The company reported that a Cold Separator operating at high pressure in the Coker Hydrotreater Unit ruptured, causing a fire and an explosion that shook nearby houses.

Response and Impact

Fire brigades and ambulances rushed to the site while thick smoke emerged from the facility. The company stated that the battery limits of the affected unit have been isolated and the fire has been brought under control, though firefighting operations continue as part of safe handling. One minor injury was reported and the person was shifted to hospital. Stock prices fell over five percent according to initial reports, after touching a day's high before reversing all gains.

Context

Refineries handle hazardous materials under high pressure, meaning industrial accidents require swift containment by dedicated emergency teams to protect workers and nearby residential areas. Stock markets often react swiftly to unexpected plant incidents due to potential disruptions in normal operations.