Indian Oil Corp profit plunges 80% in March quarter

Indian Oil Corp (IOC) today reported 80% drop in its March quarter net profit to Rs 1,235.64 crore.

IOC had a net profit of Rs 6,285.35 crore in January-March 2015, the company said in a stock exchange filing.

Low oil prices meant turnover dropped to Rs 80,449.57 crore in the fourth quarter of 2015-16 fiscal from Rs 93,830.13 crore a year ago.

Shares of Indian Oil closed 3.01% up at Rs 414.05 apiece on BSE.