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IOC shares drop over 2% after Q3 results

Shares of Indian Oil Corp (IOC) Wednesday fell over 2 per cent after it reported 91 per cent plunge in net profit for the December 2018 quarter.

The scrip declined 2.07 per cent to close at Rs 134.65 on the BSE. Intra-day, it dropped 3.49 per cent to Rs 132.70.

On the NSE, shares fell by 2.36 per cent to close at Rs 134.10.

The company logged a profit of Rs 716.82 crore, or Rs 0.76 per share, in the third quarter of 2018-19, showing a decline of 90.9 per cent year-on-year.

In the year-ago period, the profit stood at Rs 7,883.22 crore, the company said in a regulatory filing.

The turnover rose to Rs 1.6 lakh crore from Rs 1.32 lakh crore.