IOC posts Rs 272.35 cr net loss in Sept quarter

Indian Oil Corporation (IOC) has reported a net loss of Rs 272.35 crore for the quarter ended September, mainly hit by loss from a freeze on petrol and diesel prices and selling cooking gas at a rate below cost. The state-owned refiner incurred the loss despite booking over Rs 10,800 crore in LPG subsidy it received from the government after the quarter ended. The company, which had posted a net loss of Rs Rs 1,992.53 crore in the April-June quarter, suffered a loss for the second quarter in a row. The refiner had a profit of Rs 6,360.05 in the year-ago period.