Mumbai-Indian state-owned refining and marketing company Hindustan Petroleum Corporation Limited July 23 posted a net loss of Rupees 18.84 billion ($400 million) for the quarter ended June 30, down from a profit of Rupees 6.49 billion in the corresponding period a year earlier. HPCL was pushed into a loss for the quarter, the first of fiscal year 2010-2011, by a shortfall in compensation from the government for selling subsidized refined products at below-market rates and lower refining margins, the company said.
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