BPCL‘s share price was deep in the red on Friday after the company posted a steep decline in its shares on Friday.

What Happened: The oil marketing company reported a standalone net profit of ₹3,015 crore for the June quarter, marking a 71% decrease from the year-ago period, when it reported a net profit of ₹10,551 crore. The revenue for the quarter ended June came in at flat ₹1.28 lakh crore.

Shares of the company, which were already struggling, received a jolt as soon as the results came out, going down over 4% to hit an intraday low of ₹301.80.

See Also: Ultratech Shares Sink As Q1 Net Profit Misses Estimates, Revenue At ₹18,070 Cr

Moody's Ratings on Thursday affirmed a stable outlook for BPCL. The agency upheld BPCL’s Baa3 issuer and senior unsecured ratings, along with its ba1 baseline credit assessment (BCA).

Moody's expects BPCL's operating performance to remain robust, supported by ongoing growth in the consumption of petroleum products in India and a favourable refining and marketing margin environment.

Read Next: Tata Technologies Shares In Red After Soft Q1, But These 2 Brokerages Are Bullish