Re-regulate petrol, IOC pleads after record loss

State-run Indian Oil Corporation has posted its worst quarterly loss of R22,451 crore for the three months ended June 30, a five-fold jump from losses recorded in the same period a year ago as the company reeled under inadequate state subsidy, forex and inventory losses and losses in refining operations. IOC’s second quarter loss could be the worst for any Indian listed entity ever.

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