Shares of Indian Oil Corporation (IOC) on Tuesday declined over 4% after the company reported a halving of its March quarter net profit.
Profit was lower as refining margins dipped, the petrochemical segment turned negative, and the firm, last month, cut petrol and diesel prices by ₹2 per litre each despite crude oil prices edging up. Also, the company was not compensated for the ₹1,017 crore loss it incurred on holding domestic cooking gas prices by the government, according to the filing.
The stock dropped 4.44% to settle at ₹168.95 apiece on the BSE. During the day, it tanked 4.97% to ₹168.
On the NSE, it declined 4.46% to finish the trade at ₹168.85.
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.
Net profit was ₹4,837.69 crore in Q4 compared with ₹10,058.69 crore a year back and ₹8,063.39 crore in the preceding quarter, according to a stock exchange filing by the company.
However, in the full FY24, India's top oil firm posted its highest-ever net profit of ₹39,618.84 crore, larger than ₹24,184.10 crore it had recorded in FY22.
