ONGC tanks 11% as govt introduces export duty, tax

Shares of Reliance Industries NSE -7.20 % tumbled nearly 9 per cent in morning trade on Friday 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 shipped overseas by firms like Reliance Industries Ltd NSE -7.20 %, and imposed a windfall tax on crude oil produced locally by companies such as ONGC and Vedanta NSE -4.06 % Ltd.