IOC shares drop 4% on worst-ever quarterly loss

Shares of Indian Oil Corp fell by about 4% on the bourses today, as the company reported its worst-ever quarterly net loss of Rs 7,485.55 crore for the second quarter of the current fiscal.

On the National Stock Exchange, the stock ended 4.04% lower at Rs 287.20.

At the BSE, the stock settled for the day at Rs 288, down 3.73% from its previous close. During the day, the scrip had plunged by as much as 4% to touch an intra-day low of Rs 287.20.

State-owned Indian Oil Corp today reported a net loss of Rs 7,485.55 crore for the second quarter of the financial year ending March 31, 2012, on its mounting under-recoveries on fuel sales. This is the worst-ever quarterly loss reported by the company.

The company had posted a net profit of Rs 5,293.95 crore posted in the year-ago quarter.

On the volume front, 1.18 lakh shares of the company changed hands on the BSE, while more than 7 lakh shares were traded on the NSE.

The IOC stock sharply underperformed the broader market benchmark Sensex, which fell by about 1.2% today on weak global cues and a sharp sell-off in banking stocks.