Shares of Reliance Industries fell almost Three per cent on Thursday after the federal government raised the tax on export of diesel and jet gasoline (ATF) and hiked the windfall revenue levy on domestically-produced crude oil.
The market heavyweight inventory declined 2.99 per cent to settle at Rs 2,560.20 apiece on the BSE. In the course of the day, it fell 3.30 per cent to Rs 2,552.
On the NSE, it went decrease by 2.93 per cent to Rs 2,560.40 apiece.
The corporate’s market valuation additionally received eroded by Rs 53,578.11 crore to Rs 17,32,034.89 crore on the BSE.
Reliance Industries was the most important laggard among the many Sensex parts.
The 30-share BSE Sensex fell 770.48 factors or 1.29 per cent to settle at 58,766.59.
The federal government on Thursday raised the tax on export of diesel and jet gasoline and hiked the windfall revenue levy on domestically-produced crude oil consistent with rising product margins and oil costs.
Whereas non-public refiners Reliance Industries Ltd and Rosneft-based Nayara Vitality are the principal exporters of gasoline like diesel and ATF, the windfall levy on home crude targets producers like state-owned Oil and Pure Gasoline Company (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 employees and is auto-generated from a syndicated feed.)