TUPRAS stocks dropped 900 million liras overnight

The market value of Turkey's largest industrial corporation TUPRAS decreased by approximately 900 million liras after the announcement that finance ministry teams would conduct supervisions and inspections.

TUPRAS stocks dropped 900 million liras overnight

World Bulletin/News Desk

The market value of Turkey Petroleum Refineries Inc. (TUPRAS), ranked at the top of Turkey’s 500 largest industrial corporations by the Istanbul Chamber of Industry (ISO), decreased by approximately 900 million liras yesterday after the announcement that finance ministry teams would conduct supervisions and inspections.

With net production sales of 40.1 billion liras in 2012, TURPAS had ranked in first place in the ISO’s top 500 list, with a sales volume of about 32 billion liras more than the corporation ranked in second place.

TUPRAS stocks suffered a sharp decline during the second session of Borse Istanbul yesterday when news that Ministry of Finance authorities had “raided” the corporation for inspections spread.

Prior to the spreading of the news, TUPRAS stock prices has trading rates of 43.20 liras with TUPRAS’s total market value listed as 10.8 billion liras. However its stock prices continue to fall since the inspection news yesterday.
With its stocks depreciated by about 6.50 percent to 39.60 liras, the corporation’s total market has dropped to 9.9 billion lira after the nearly 900 million lira decline.

Teams of 10 controllers along with 20 police officers arrived at the company early Tuesday morning. Income and expense reports and bills were reportedly examined within the scope of ongoing searches which were carried out throughout the day. The official documents seized during the searches will be sent to Technological Research Council of Turkey (TÜBİTAK).

Last Mod: 25 Temmuz 2013, 14:38
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