Indian Oil shares drop over 7% in last 2 days as stock turns ex-bonus today

By: | Published: March 15, 2018 10:55 AM

Shares of Indian Oil Corporation dropped over 7% in the last two sessions as the stock of India's largest enterprise turned ex-bonus today. In the last two trading session, the shares of Indian Oil Corporation has dived about 7% to a day's low of Rs 189.25 from a level of Rs 197.6 (bonus-adjusted).

The stock of Indian Oil Corporation (IOC) shed as much as 4% to a day’s low of Rs 189.25 on Thursday on NSE. (Image: Reuters)

Shares of Indian Oil Corporation dropped over 7% in the last two sessions as the stock of India’s largest enterprise turned ex-bonus today. Shares of Indian Oil Corporation were the biggest loser among the ‘A’ group shares of BSE on Thursday. The share price of Indian Oil Corporation has been declining since yesterday. The stock of Indian Oil Corporation (IOC) shed as much as 4% to a day’s low of Rs 189.25 on Thursday on NSE. Due to the slump in the heavyweight shares of IOC, the wider share indicator Nifty 50 hovered in negative territory.

The thematic indices of National Stock Exchange such as Nifty CPSE, Nifty PSE and Nifty Energy traded in red following a plunge in the shares of Indian Oil Corporation. Earlier in February last month, Indian Oil Corporation declared an interim dividend of Rs 19 per equity share. In the current financial year, Indian Oil Corporation has paid a collective dividend of Rs 38 per equity share in four tranches.

A decent trading volume has been observed in the shares of Indian Oil Corporation, as at 10:50 am, more than 1.56 crore shares exchanged hands with about 1.31 crore shares on NSE alone. In the last two trading session, the shares of Indian Oil Corporation has dived about 7% to a day’s low of Rs 189.25 from a level of Rs 197.6 (bonus-adjusted).

Earlier in January this year, the state-owned Indian Oil Corporation (IOC) reported a jump of 97% in the standalone net profit to Rs 7,883.22 crore for the quarter ended 31 December 2017 with the GRM (gross refining margins) spiking to $8.28 per bbl for the nine-month period from April to December 2017. The PSU giant had posted a profit of Rs 3,994.91 crore in the October-December quarter of the financial year 2016-2017. On a sequential basis, a rise of 113.27% was seen in the standalone net profit from Rs 3,696.29 crore in the second-quarter for the financial year 2017-2018.

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