India’s Biggest Corporate Loss Shows Singh’s Deficit Dilemma
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Indian Oil Corp. posted a record quarterly loss after the government failed to compensate it for capping fuel prices, showing the challenge facing Prime Minister Manmohan Singh as he attempts to rein in the nation’s finances.
The state-owned supplier of about 40 percent of the fuels consumed in India reported the biggest loss by any company in the country after selling products including diesel and kerosene below cost.