NEW DELHI : State-owned Indian Oil Corp (IOC) on Wednesday reported a massive ₹5,185 crore loss in the March quarter after a slump in oil prices resulted in record inventory losses for the company.
The net loss of ₹5,185.32 crore in January-March compared to ₹6,099.27 crore net profit in the same period a year back, IOC Chairman Sanjiv Singh told reporters here.
The loss was primarily due to inventory losses and lower refining margins.
The company recorded an inventory loss of ₹14,692 crore in the fourth quarter of 2019-20 as compared to an inventory gain of ₹1,787 crore in the same period a year back, he said.
