On the last trading day, Indian Oil Corporation (IOC) opened at ₹169.5 and closed at ₹169.85. The stock reached a high of ₹170.6 and a low of ₹165.65 during the day. Overall, the stock experienced a slight increase in value by the close of the market.

In July 2023, the board of directors of the IOC approved raising capital through the issuance of equity shares on a right basis.

India’s leading oil marketing company announced the withdrawal of its Rs 22,000 crore rights issue. The decision to call off this major capital-raising plan came following directives from the Ministry of Petroleum & Natural Gas (MoP&NG).

Indian Oil Corporation has withdrawn its ₹22,000 crore rights issue due to the government’s non-participation and lack of allocated funds for Oil Marketing Companies in the 2024-25 budget, following earlier approvals for raising capital.

Ministry of Petroleum and Natural Gas said that in the union budget 2024-25 no funds were allocated for capital support to Oil Marketing Companies (OMCs) as against the proposed allocation of Rs 30,000 crore.

Brokerage firm BoFA Securities, on September 25, said that they continue to remain cautious on OMCs, given the potential price cuts, continuing negative LPG marketing margins and weak Gross Refining Margins.

Refiner Indian Oil Corp is withdrawing its proposed 220 billion rupee ($2.63 billion) rights issue of shares, it said on Monday, citing non-participation from the federal government. The ministry of petroleum and natural gas conveyed that no funds have been allocated for capital support of oil marketing companies in the federal budget,

Refiner Indian Oil Corp is withdrawing its proposed 220 billion rupee ($2.63 billion) rights issue of shares, it said on Monday, citing non-participation from the federal government.