IOC posts Rs 5k-crore loss on oil crash
NEW DELHI: The country’s largest oil refiner and fuel retailer Indian Oil Corporation (IOC) on Wednesday reported a loss of Rs 5,185 crore in the fourth quarter of 2019-20, against a profit of Rs 6,099 crore in the year-ago period, due to massive inventory losses on account of the oil price crash.
Indian Oil chairman Sanjiv Singh said the company recorded an inventory loss of Rs 14,692 crore in the January-March period as compared to an inventory gain of Rs 1,787 crore in the same period in the previous year.
