Reliance Industries Shares Fall 3%; ONGC, Vedanta Too Decline

Shares of Reliance Industries fell nearly 3 per cent on Thursday after the government raised the tax on export of diesel and jet fuel (ATF) and hiked the windfall profit levy on domestically-produced crude oil.

The market heavyweight stock declined 2.99 per cent to settle at Rs 2,560.20 apiece on the BSE. During the day, it fell 3.30 per cent to Rs 2,552.

On the NSE, it went lower by 2.93 per cent to Rs 2,560.40 apiece.

The company's market valuation also got eroded by Rs 53,578.11 crore to Rs 17,32,034.89 crore on the BSE.

Reliance Industries was the biggest laggard among the Sensex components.

The 30-share BSE Sensex fell 770.48 points or 1.29 per cent to settle at 58,766.59.

The government on Thursday raised the tax on export of diesel and jet fuel and hiked the windfall profit levy on domestically-produced crude oil in line with rising product margins and oil prices.

While private refiners Reliance Industries Ltd and Rosneft-based Nayara Energy are the principal exporters of fuel like diesel and ATF, the windfall levy on domestic crude targets producers like state-owned Oil and Natural Gas Corporation (ONGC) and Vedanta Ltd.

Shares of ONGC fell 2.74 per cent to Rs 134.75 apiece on the BSE and Vedanta declined 2.52 per cent to Rs 263.35 per share. 

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)