Reliance Industries stock tumbles over 7%, ONGC tanks more than 13%
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.
