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Indian Oil Corp third-quarter profit plunges about 91 percent


(Reuters) - Indian Oil Corp Ltd (IOC) reported nearly 91 percent slump in quarterly profit on Wednesday, as a plunge in global crude prices took a toll on margins of oil refiners and marketing companies.The three public sector companies - IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd - were forced to take a price cut in October, hurting their margins as the government wanted to cushion the impact of high crude oil prices on consumers.Net profit came in at 7.17 billion rupees ($100.66 million) in the quarter ended Dec. 31, 2018, compared with 78.83 billion rupees a year ...

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First Published: Wed, January 30 2019. 14:03 IST