Indian Oil Corporation (IOC) has withdrawn its ₹22,000 crore rights issue after the government chose not to participate. The Ministry of Petroleum & Natural Gas informed IOC that no funds were allocated to Oil Marketing Companies (OMCs) in the 2024-25 budget, despite earlier plans for a ₹30,000 crore capital support. IOC initially approved the rights issue on July 7, 2023, but following a board meeting on September 30, 2024, the company decided to cancel it due to the government's lack of involvement in the funding.