State-run Indian Oil Corporation (IOCL) has accumulated dues of more than Rs 98,000 crore. Sale of subsidized diesel and cooking fuels mainly has put the company under pressure, thereby forcing it to borrow for its working capital requirement.
Further, the company is expected to lose Rs 21,000-22,000 crore in revenue during the quarter ending December 31, besides incurring an additional cost of s 3,000 crore financing cost during the current financial year. The company’s borrowing stood at Rs 75,000 crore at the end of 2011-12. With the interest cost rising it to Rs 5,600 crore Rs 2,670 crore in 2011-12.
Indian Oil incurred losses of Rs 12,840 crore in the first six months, the highest ever by any company. The company incurred under-recoveries of Rs 45,914 crore, of which Rs 16,100-crore subsidy has been sanctioned, while a discount of Rs 16,200 crore was given by upstream oil and gas producing companies, thereby leaving the company with an unmet under-recovery of Rs 13,600 crore.
Company Name | CMP |
---|---|
Reliance Industries | 2859.60 |
Indian Oil Corp. | 162.40 |
BPCL | 627.60 |
HPCL | 537.05 |
MRPL | 203.15 |
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