Meanwhile, the BSE Sensex was up 64.02 points, or 0.37%, to 17,160.70.

On BSE, 25,000 shares were traded in the counter as against an average daily volume of 1.23 lakh shares in the past one quarter.

The stock hit a high of Rs 63.25 and a low of Rs 61.10 so far during the day. The stock had hit a 52-week high of Rs 84.75 on 26 July 2011. The stock had hit a 52-week low of Rs 50 on 29 December 2011.

The stock had outperformed the market over the past one month until 23 April 2012, falling 1.52% compared with the Sensex's 1.53% decline. The scrip had also outperformed the market in past one quarter, rising 5.65% as against 2.06% rise in the Sensex.

The large-cap company has an equity capital of Rs 1752.60 crore. Face value per share is Rs 10.

The recent fall in Mangalore Refinery and Petrochemical (MRPL) shares was triggered by reports that the company had completely shut down its operations on 19 April 2012 due to shortage of water supply.

MRPL's managing director Uttam Kumar Basu had told the media that the company was operating the plant at one-third of the capacity since 13 April 2012. However, the continuing water shortage forced the firm for a complete shutdown of the refinery, he added.

MRPL, a subsidiary of state-owned Oil and Natural Gas Corp (ONGC), received around 5.5 million gallons of water daily from Nethravathi river. Water availability in the Nethravathi river and its downstream dams started depleting from the end of March 2012 and the refinery is not getting any supplies currently, Basu was quoted by media as saying.

Reports suggest that MRPL has three crude units -- Phase I of 4.68 million tonnes, Phase II of 7.14 million tonnes and Phase III of 3 million tonnes -- and supplies oil products in southern states. From 13 April 2012, it had shutdown Phase-II and III and later it closed Phase-I. The shutdown would lead to shortage of supply of products to MRPL fed locations.

MRPL's net profit fell 65% to Rs 109.75 crore on 25.3% growth in net sales to Rs 12930.83 crore in Q3 December 2011 over Q3 December 2010.

MRPL, located in Mangalore city, is a grassroot refinery and is a subsidiary of state-run ONGC. ONGC holds 71.63% stake in the firm (as on 31 March 2012).