RIL, ONGC, Chennai Petro shares gain after govt slashes the windfall tax on fuels

India cuts windfall tax on diesel, aviation fuel shipments: Shares of oil-to-telecom behemoth Reliance Industries (RIL) rose around 2.5 per cent on the stock exchanges on Wednesday after the government slashed the windfall tax on the prices of petrol, diesel, jet fuel (ATF) and crude oil following a decline in the international rates.

Along with RIL, the shares of other major oil refiners Oil and Natural Gas Corporation (ONGC) and Chennai Petroleum Corporation too surged around 4 per cent and 8 per cent respectively.

During the intraday trade, the RIL stock had surged 4.33 per cent to Rs 2,542.50 apiece on the National Stock Exchange (NSE) while on the BSE, it rose 4.25 per cent to Rs 2,545.05.