The share price has declined 40 percent in the past nine months.
Indian Oil Corporation (IOC) share price declined 3 percent intraday on August 3 after CLSA reiterated sell rating with a target at Rs 65 per share.
The company’s standalone Q1 profit missed estimates by 59 percent and core refining margin slumped to a record low of negative $8.30/bbl. However, inventory gains helped EBITDA to stay in the green.
The marketing outlook has improved following auto-fuel price hike, while weak global oil demand keeps its refining outlook subdued.
The large capex should weigh on the stock, reported CNBC-TV18.
At 1149 hours, Indian Oil Corporation was quoting at Rs 87.20, down Rs 1.35, or 1.52 percent, on the BSE.
The share price declined 40 percent in the past nine months.First Published on Aug 3, 2020 12:11 pm