So instead of Ironman fighting Thor in the jungle (in the Avengers movie), it's Loki that he's fighting. Loki gets his staff. Both combatants are fighting to KO his opponent, but are willing to kill if necessary.
Needless to say, these are movie versions we're talking about. Loki may not be as strong as Thor but Ironman also won't be benefiting from a 400% charge like he did with Thor's lightning.
Gender: Male Location: Stuck In the future where Akus evil
Loki stomps. In all honesty IM didn't really do well against Thor. He got a few good hits in but did no noticeable damage. Thor did a lot of damage to tonys suit though and if the battle continued I think stark would have been crushed in his suit.
Thor was going easy on Tony. The Iron Man suit was damaged to an extreme level, and yet Thor never slowed down, and never showed any pain. Loki isn't as strong, but he was able to hold his own far better.