The share price of State-run explorer Oil India tanked 4.28% to Rs 297.30 a day after the company reported a drop of 80% in the second quarter of FY24 as the company set aside Rs 2,363 crore for an ongoing litigation. The company’s profit for Q2FY24 fell to Rs 325 crore compared to Rs 1,721 crore. Oil India took on charges related to an ongoing litigation over a service tax demand raised in the states of Assam, Arunachal Pradesh and Rajasthan, reported Reuters.
Oil India’s share price dropped 0.10% in the last five days and 2.65% in the last one month, while it gained 20% in the six months and a whopping 41.06% year to date.
