We construct a virtual fundamental class on the Quot scheme parametrizing quotients of a trivial bundle on a smooth projective curve. We use the virtual localization formula to calculate virtual intersection numbers on Quot. As a consequence, we re-prove the Vafa-Intriligator formula; our answer is valid even when the Quot scheme is badly behaved. More intersections of Vafa-Intriligator type are computed by the same method. Finally, we present an application to the nonvanishing of the Pontryagin ring of the moduli space of bundles