State-run oil retailer Indian Oil Corporation (IOC) has reported a net loss of Rs 22,451 crore in the quarter ended June 2012 as against loss of Rs 3,719 crore in a year ago period.
Indian Oil Corp has reported a Year-on-Year multi-fold jump in its June quarter loss on account of higher under-recoveries on sale of petroleum products at subsidized rated. The net under-recovery stood at RS 174.85 billion
The oil marketing reported reported a Rs 22,451 crore loss as against Rs 3,719 crore,
Net sales, however grew 5% to Rs 96, 608 crore,YoY. Shares of the company fell 1.5% to close at Rs 252.15 prior to the earnings announcement.
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