After a weak opening, the oil firm lost 2.39 percent to Rs 238.25 on the BSE. At the NSE, the stock fell 2.49 percent to Rs 238.40.

Indian Oil Corp had on Thursday reported a net loss of Rs 961.45 crore in the December quarter after the government paid less than half of the due oil subsidy, negating gains made from foreign exchange.
IOC 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 R S Butola said earlier.

Meanwhile, the government is likely to sell its 10 percent stake in IOC through an off-market deal to state-owned ONGC and OIL at a discount of 10 percent over the current market price.


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