Indian Oil posts Rs 7,485 cr net loss in Q2

The nation's largest oil firm Indian Oil Corp on Wednesday reported a net loss of Rs 7,485.55 crore for the quarter ended September 30 due to mounting losses on fuel sales.

The net loss of Rs 7485,55 crore for the July-September quarter was in sharp contrast to the net profit of Rs 5,293.95 crore posted by the company for the year-ago period, IOC said in a statement.

The oil marketing company's revenue increased from Rs 78,208.14 crore in the quarter ended September 30, 2010, to Rs 89,769.60 crore in Q2 of the current fiscal.