Indian Oil posts Rs 329 crore net loss in Q2 on falling oil prices

Indian Oil on Tuesday reported a net loss of Rs 329 crore in the September quarter as margins squeezed on falling oil prices.

"This is compared to a net loss of Rs 898.46 crore in the same period a year ago," India Oil (IOC) said in a stock exchange filing.

Fall in oil price meant turnover dropped to Rs 85,384.81 crore in Q2 as opposed to Rs 111,663.81 crore a year ago.

IOC said all of its losses on sale of PDS kerosene and domestic LPG at government controlled rates were made good.