IOC stock down nearly 3 pc after disappointing Q2 earnings

Shares of Indian Oil Corporation on Friday fell nearly 3 percent after the company reported a major decline in net profit for the September quarter. On the BSE, the stock closed 2.83 percent down at Rs 142.65. Intra-day, it slumped 4.42 percent to Rs 140.30.

Shares of the state-owned firm lost 2.83 percent to settle at Rs 142.65 apiece on the NSE. The stock touched an intra-day low at Rs 140.25, down 4.46 percent. 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.

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