Shares of Reliance Industries tumbled over 7 per cent on Friday, with its market valuation falling by `1.25 lakh crore, after the government imposed an export tax on petrol, diesel, and jet fuel (ATF). The Government on Friday slapped an export tax on petrol, diesel and jet fuel while also joining nations like the UK in imposing a windfall tax on crude oil produced locally.
Shares of Reliance Industries fell 7.14 per cent to settle at `2,408.95 apiece on the BSE. During the day, it tumbled 8.82 per cent to `2,365.
The market valuation of Reliance Industries eroded by `1,25,447.5 crore to `16,29,684.50 crore.
It was the biggest drag among the Sensex firms.
Shares of ONGC tanked 13.40 per cent to `131.15 apiece and Vedanta declined 4.04 per cent to `213.95 on the
BSE.
Among others, Oil India tanked 15.07 per cent, Mangalore Refinery and Petrochemicals dived 9.99 per cent, Chennai Petroleum Corporation cracked 5.23 per cent and Hindustan Oil Exploration Company declined 3.18 per cent.
The BSE energy index fell by 3.99 per cent to 7,635.10.
A `6 per litre tax on export of petrol and ATF, and `13 per litre tax on export of diesel is effective from July 1, finance ministry notifications showed. Additionally, a `23,250 per tonne tax was levied on crude oil produced domestically.