On Thursday, Indian Oil Corporation (IOC) reported a significant drop of 82.65 percent fall in profit for the September-ended quarter at Rs 563.42 crore from Rs 3,246.93 crore of the same period in the previous year.
The state-owned company's revenue from operations also fell by 12.66 percent to Rs 1.32 lakh crore for the second quarter of 2019-20 on a year-on-year basis.
The large variation was on account of inventory loss in the September 2019 quarter and an inventory gain in the same quarter a year ago, the company said.
The oil retailer's total income for the period under review fell by 12.83 percent to Rs 1.33 lakh crore from Rs 1.52 lakh crore a year ago.
The average gross refining margin (GRM) for April-September 2019 was at $2.69 per barrel when compared to $8.45 a barrel in the previous year.
Shares of IOC closed 2.14 percent lower at Rs 144 on NSE.