Chennai Petro cancels bond sale as demand for yield rises

MUMBAI /NEW DELHI: Top-rated Chennai Petroleum Corporation (CPCL), a subsidiary of Indian Oil Corp., Thursday withdrew the sale of its corporate bonds after investors demanded a higher rate due to the likely shrinkage in refinery margins and auto-fuel consumption in light of the localized mobility curbs. This is the first corporate bond casualty in the second wave of the viral surge, underscoring investor apprehension about the economic costs

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