Moody's: Indian Oil results weak

Moody's Investors Service said that Indian Oil Corp. Ltd.'s results for the first quarter ending June 30 were weaker than expected, mostly because of a decline in its refining margins to the lowest levels ever recorded by the state-owned refining company.

"The decline in Indian Oil's gross refining margins was more pronounced than expected. We now believe that the company's margins will not improve beyond $4 a barrel for the full fiscal year ending in March 2013," Moody's vice president and senior analyst Vikas Halan said in a news release.

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