Stocks dropped 4.44% to settle at Rs168.95 on BSE
New Delhi: Shares of Indian Oil Corporation (IOC) on Tuesday declined over 4 per cent after the company reported a halving of its March quarter net profit.
The stock dropped 4.44 per cent to settle at Rs168.95 apiece on the BSE. During the day, it tanked 4.97 per cent to Rs168.
On the NSE, it declined 4.46 per cent to finish the trade at Rs168.85.
In volume terms, 48.93 lakh shares of the company were traded on the BSE and 675.30 lakh shares exchanged hands on the NSE during the day.
Indian Oil Corporation on Tuesday reported a halving of its March quarter net profit largely because of losses in the petrochemical business and shrinking margin after it announced a pre-election fuel price cut despite rising input costs.
The net profit of Rs4,837.69 crore in January-March compared to Rs10,058.69 crore a year back and Rs8,063.39 crore in the preceding October-December quarter, according to a stock exchange filing by the company.
