IOC stock down over 4 pc after disappointing Q2 earnings

Shares of Indian Oil Corporation on Friday fell over 4 percent after the company reported a major decline in net profit for the September quarter. On the BSE, the stock fell 4.49 percent to Rs 140.92.

Shares of the state-owned firm lost 4.46 percent to trade at Rs 140.25 apiece on the NSE. Indian Oil Corp on Thursday reported an 83 percent plunge in second-quarter net profit on the back of a slump in refinery margins and inventory losses.

Net profit in July-September at Rs 564 crore was 82.6 percent lower as against Rs 3,247 crore profit in the year-ago period, IOC Chairman Sanjiv Singh said on Thursday. "The major reason for the decline in net profit was inventory losses in Q2 as against inventory gain during the corresponding quarter of the previous year," he said.