Oil India, ONGC tank up to 33% in 1 week on windfall tax, fall in Brent oil
Shares of state-owned oil exploration & production companies Oil India and Oil Natural Gas Corporation (ONGC) continued to reel under selling pressure, and fell up to 8 per cent on the BSE in Wednesday’s intra-day trade. The fresh fall was on account of sharp decline in Brent crude prices on Tuesday, as concerns of possible global recession trgigered fears of curtailed fuel demand, outweighing supply disruption fears.
Oil India was down 8 per cent at Rs 175.85 on the BSE in intra-day trade today. In the past one week, Oil India has tanked 33 per cent after the government on July 1 imposed a special additional excise duty of Rs 23,250 per tonne on crude oil production.
