A sharp reduction in oil demand owing to Covid-19 outbreak resulted in a significant drop in crude oil prices. As a result, average Brent crude oil prices declined by US$12/bbl QoQ to US$50.6/bbl with closing Brent price at US$21.5/bbl. On account of the same, the company reported marketing inventory loss of | 2291 crore. However, core marketing margins were relatively steady during the quarter. IOC's marketing sales de-grew 4.5% YoY to 20.7 MMT (our estimate: 19 MMT) on account of lower diesel sales. Going forward, considering the extended lockdown in Q1FY21E, we expect...