Indian Oil Corp net profit plunges 80% in March quarter

Indian Oil Corp (IOC) on Friday reported a 80 per cent fall in its March quarter net profit to Rs 1,235.64 crore.

IOC had a net profit of Rs 6,285.35 crore in January-March 2015, the company said in a stock exchange filing. Low oil prices meant turnover dropped to Rs 80,449.57 crore in the fourth quarter of 2015-16 fiscal from Rs 93,830.13 crore a year ago. Shares of Indian Oil closed 3.01 per cent up at Rs 414.05 apiece on BSE.