Oil India falls nearly 1% on net profit decline in March quarter

At 11:55 am, Oil India shares were trading 0.8 per cent lower at Rs 148.20 on the BSE.

Oil India shares fell nearly one per cent in a strong market after the company’s net profit declined in the March quarter. The company reported 8 per cent decline in net profit at Rs 847.56 crore for the quarter ended March 2021 from Rs 925.65 crore in the same quarter last year, the company said in a regulatory filing to the stock exchanges. At 11:55 am, the shares of Oil India were trading at Rs 148.20, down 0.8 per cent on the BSE.

Oil India’s average crude oil price in 2020-21 stood at $ 43.98 per barrel, as compared to $ 60.75 in 2019-20, which is a decline of 27.61 percent.

Meanwhile, Oil India said its board has recommended a final dividend of Rs 1.50 per share for 2020-21. It had paid an interim dividend of Rs 3.50 per share in February.

At that time, the BSE Sensex was trading up 394.75 points or 0.75 per cent at 52,963.33 and the NSE Nifty was up 125.65 points or 0.79 per cent at 15,873.10.

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