Shares of Indian Oil Corporation today fell 2.5 per cent after the company reported a net loss of Rs 961.45 crore for the December quarter.
After a weak opening, the scrip of the country’s largest oil firm lost 2.39 per cent to Rs 238.25 on the BSE. Similarly on the NSE, the stock fell 2.49 per cent to Rs 238.40.
Indian Oil Corporation had yesterday reported a net loss of Rs 961.45 crore for the December quarter after the Government paid less than half of the due oil subsidy, negating gains made from foreign exchange.
The company had posted a net profit of Rs 3,331.96 crore in the same period a year ago.
The company posted losses “mainly on account of higher absorption of under recoveries on sale of sensitive petroleum products,” IOC Chairman RS Butola had said.
Meanwhile, the Government is likely to sell its 10 per cent stake in IOC through an off-market deal to state-owned ONGC and OIL at a discount of 10 per cent over the current market price.