Indian Oil Corporation (IOC), India’s largest refiner, has reported its first quarterly net loss in 15 periods, marking a significant deterioration in profitability for the state-run energy giant.
The result, driven by a combination of surging crude oil prices and weakened domestic fuel demand, signals that refining margins have contracted sharply under the weight of elevated input costs.
This is the first such loss since September 2022, highlighting the acute vulnerability of Indian refiners to global commodity volatility.
The financial setback comes as shares of India’s major oil marketing companies (OMCs) have faced sustained selling pressure.
IOC emerged as the worst performer among its peers earlier in the week, with investors reacting to the squeeze on refining economics.
The broader Indian equity market also reflected this caution, with benchmark indices reversing a four-session winning streak as rising crude prices and escalating geopolitical tensions in the Middle East weighed on sentiment.