Shares of Oil & Natural Gas Corp., Vedanta Ltd. and Reliance Industries Ltd. declined after the government revised the windfall taxes, raising export duty on domestically produced crude oil.
The following changes were made to the taxes:
Export duty on domestically produced crude oil raised from Rs 17,000/tonne to Rs 17,750/tonne.
Export duty on diesel cut from Rs 11 to Rs 5.
Export duty on aviation turbine fuel scrapped.
Export duty on petrol remains nil.
That caused energy and oil stocks to decline. ONGC fell as much as 1.9%, while Vedanta dipped 1.5%. Refiners such as Mangalore Refinery and Petrochemicals Ltd., Chennai Petroleum Corp., RIL also declined between 0.5% and 2.6%.
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