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Indian Oil shares in spotlight after co withdraws Rs 22,000 crore rights issue

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Indian Oil Corporation (IOC) withdraws its Rs 22,000 crore rights issue due to the government's non-participation, stemming from the absence of allocated funds for oil marketing companies in the Budget 2024-25. IOC's Q1 2024 net profit fell 81% to Rs 2,643 crore, with revenue dropping 2% YoY.

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