Reliance, ONGC Shares Crash On Fuel Export And Windfall Tax
NDTV
Reliance Industries and ONGC shares were hammered on Friday after the government imposed export taxes on fuel.
Reliance Industries and ONGC shares were hammered on Friday after the government imposed export taxes on petrol, diesel and a windfall tax on domestic crude oil to boost internal supplies.
India introduced a windfall tax on oil producers that had profited from increased global crude prices and introduced export duties for petrol, diesel, and jet fuel, sending energy stocks into a tailspin.
The Nifty Energy index fell 3.7 per cent in its sharpest drop since mid-May.
Reuters reported that oil-to-retail giant Reliance Industries Limited (RIL), India's most valuable company, shed $19.35 billion in market value as its stock plunged as much as 8.7 per cent, marking its biggest intraday slide since November 2, 2020.
