Today, Indian Oil Corporation (IOCL) shed 0.52 per cent to Rs 67.45 for the ninth straight trading session. The PSU company’s shares slipped 7.16 per cent. On 12 September closed high of Rs 72.65. The stock hit its 52-week low of Rs 67.20 today. On 9 November 2021, the stock had reported 28.66 per cent from its 52-week high of Rs 94.55.

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On the Bombay Stock Exchange (BSE), 13.68 lakh shares were traded compared to daily average volumes of 16.65 lakh in the first week of September. The stock underperformed the market over August, declining 5.13 per cent. The scrip underperformed the market in the Apr-Jun quarter, which fell 5.76 per cent against Sensex’s 11.11 per cent rise.

Also, the company’s stock underperformed the market in 2021, tumbling 14.22 per cent compared with a 3.03 per cent decline in Sensex.

In June 2022, the Government of India (GOI) held a 51.50 per cent stake in IOCL. On a consolidated basis, Indian Oil Corporation (IOCL) reported a net loss of Rs 1,992.53 crore in the first quarter of FY23 compared to a net profit of Rs 5,941.37 crore in the first quarter of FY22. 

Revenue from operations (excluding excise duty) climbed 89 per cent to Rs 224,252.63 crore in the June quarter of 2023 from Rs 118,670.52 crore recorded in the June quarter of 2022.