The nation's largest oil firm Indian Oil Corp today reported a net loss of Rs 7,485.55 crore for the quarter ended September 30 due to mounting losses on fuel sales.
The net loss of Rs 7485,55 crore for the July-September quarter was in sharp contrast to the net profit of Rs 5,293.95 crore posted by the company for the year-ago period, IOC said in a statement.
The oil marketing company's revenue increased from Rs 78,208.14 crore in the quarter ended September 30, 2010, to Rs 89,769.60 crore in Q2 of the current fiscal.
The company's scrip was down 2.9% at Rs 290 on Bombay Stock Exchange at 1305 hours.