An improved process for the recovery of propylene and C 4 s from a product mixture obtained by contacting a hydrocarbon feed with a catalyst in a fluid catalytic cracking process, wherein said recovery is achieved by following sequence of steps: (i) distilling the above said product mixture in main fractionator to obtain heavier liquid products as side/bottom draws and a gaseous top product consisting of components boiling below 215°C, (ii) cooling and condensing the gaseous top product and thereafter, separating the obtained gas- liquid mixture in a receiver cum separator to obtain a liquid fraction referred to as 'Unstabilized naphtha' and a lighter gaseous fraction, (iii) sequentially compressing, cooling and separating in a two stage Wet Gas compressor train said gaseous fraction obtained from step (ii) to finally obtain gaseous and liquid fractions from a high pressure separator, (iv) feeding the liquid fraction obtained in step (iii) to a de-ethanizer wherein Ethane and lighter components stripped off from the feed are recycled back to high pressure receiver in step (iii) whereas the de-ethanized liquid product is fed to debutanizer column, (v) separating butane and lighter components present in the debutanizer feed as overhead gaseous fraction and obtaining heavier fraction as bottom product referred to as debutanizer bottoms, (vi) feeding unstabilized naphtha obtained in step (ii) to a naphtha stripper wherein lighter components stripped off from feed are recycled to step (ii) and heavier liquid fraction, after cooling to about 20°C to 30°C, is used as lean oil in the absorber in step (vii), (vii) contacting gaseous fraction obtained from high pressure separator in step (iii) in an absorber with the liquid fraction as obtained in step (vi) and a part of the debutanizer bottoms as obtained in step (v), (viii) feeding the rich oil from the absorber bottom liquid to de-ethanizer via high pressure separator, characterized in that said stripping of the unstabilized naphtha as obtained in step (ii), is achieved by feeding the said unstabilized naphtha as obtained in step (ii) to an intermediate stripper column, wherein lighter components present in the feed are stripped off to obtain a heavier liquid fraction having an initial boiling point of from about 25°C to about 50°C and said heavier fraction, after cooling to about 20°C to 30°C, is used as lean oil in the absorber in step (vii) and the lighter components stripped off from unstabilized naphtha are recycled back to main fractionator overhead condensers in step (ii). (i) distilling the above said product mixture in main fractionator to obtain heavier liquid products as side/bottom draws and a gaseous top product consisting of components boiling below 215°C, (ii) cooling and condensing the gaseous top product and thereafter, separating the obtained gas- liquid mixture in a receiver cum separator to obtain a liquid fraction referred to as 'Unstabilized naphtha' and a lighter gaseous fraction, (iii) sequentially compressing, cooling and separating in a two stage Wet Gas compressor train said gaseous fraction obtained from step (ii) to finally obtain gaseous and liquid fractions from a high pressure separator, (iv) feeding the liquid fraction obtained in step (iii) to a de-ethanizer wherein Ethane and lighter components stripped off from the feed are recycled back to high pressure receiver in step (iii) whereas the de-ethanized liquid product is fed to debutanizer column, (v) separating butane and lighter components present in the debutanizer feed as overhead gaseous fraction and obtaining heavier fraction as bottom product referred to as debutanizer bottoms, (vi) feeding unstabilized naphtha obtained in step (ii) to a naphtha stripper wherein lighter components stripped off from feed are recycled to step (ii) and heavier liquid fraction, after cooling to about 20°C to 30°C, is used as lean oil in the absorber in step (vii), (vii) contacting gaseous fraction obtained from high pressure separator in step (iii) in an absorber with the liquid fraction as obtained in step (vi) and a part of the debutanizer bottoms as obtained in step (v), (viii) feeding the rich oil from the absorber bottom liquid to de-ethanizer via high pressure separator, characterized in that said stripping of the unstabilized naphtha as obtained in step (ii), is achieved by feeding the said unstabilized naphtha as obtained in step (ii) to an intermediate stripper column, wherein lighter components present in the feed are stripped off to obtain a heavier liquid fraction having an initial boiling point of from about 25°C to about 50°C and said heavier fraction, after cooling to about 20°C to 30°C, is used as lean oil in the absorber in step (vii) and the lighter components stripped off from unstabilized naphtha are recycled back to main fractionator overhead condensers in step (ii).