Reliance Shares Plunge 6% As Govt Levies Export Duty On Petrol, Diesel & ATF

In a major setback to domestic refineries, as the government increased the duty on export of petrol, diesel and ATF.

RIL posted the biggest single day decline in its share price and plunged almost 85. However, the stock recovered and was last trading down 5.68% at Rs 2451. This was the biggest fall for the stock since 2, Nov 2020.

Meanwhile, ONGC too fell sharply and lost as much as 4% in trade. The windfall tax (in the form of export duty hikes) has also pulled down other oil producers and refiners Oil India, MRPL and Chennai Petro, which plunged 6-11 per cent.