The share price has declined 40 percent in the past nine months.
Indian Oil Corporation (IOC) share price declined 3 percent intraday on August 3 after CLSA reiterated sell rating with a target at Rs 65 per share.
The company’s standalone Q1 profit missed estimates by 59 percent and core refining margin slumped to a record low of negative $8.30/bbl. However, inventory gains helped EBITDA to stay in the green.
The marketing outlook has improved following auto-fuel price hike, while weak global oil demand keeps its refining outlook subdued.
The large capex should weigh on the stock, reported CNBC-TV18.
At 1149 hours, Indian Oil Corporation was quoting at Rs 87.20, down Rs 1.35, or 1.52 percent, on the BSE.The share price declined 40 percent in the past nine months.