India's second-biggest chemicals maker Indian Petrochemicals Corp. has posted a 94% drop in the last quarter profit because of the cost of reducing its workforce. Net income fell to Rs 180 million (US$4.4 mln) in the three months to March 31 from Rs 3.21 bln recorded last year. IPCL has paid Rs 3.76 bln to 2,600 departing employees. Sales rose to Rs 33.88 bln, from Rs 32.67 bln a year earlier.
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