Indian Oil Corporation (IOC) closed up 4.27 per cent at Rs 405.15 a share as a sharp fall in crude oil prices is likely to help reduce underrecoveries. On October 16, the US crude for November 2008 delivery settled $4.69 lower at $69.85 a barrel, its 15-month low. It rose by $3.12 to $72.97 today. A total of 1.57 lakh shares changed hands at the Bombay Stock Exchange.
The shares soared to a high of Rs 418 and a low of Rs 388.3 in intra-day trades. Crude oil prices have steadily declined from a record high of $147.27 hit on July 11 on demand worries amid global slowdown.