It’s raining downgrades

On Wednesday, telecom leader Bharti Airtel declared the worst quarterly results in its history; on Thursday, India’s top oil marketing firm declared the highest-ever losses in its history. If Indian Oil Corporation’s R22,450 crore losses were mind-numbing, Hindustan Petroleum was relatively better with a R9,250 crore loss (IOC’s losses were 23% of revenue, HPCL’s were 21%).

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