Oil companies stocks fall as government hikes windfall tax on petroleum crude
Oil exploration & production companies stocks fell on the BSE after the government hiked the windfall tax on petroleum crude to Rs 6,800 a metric ton from Rs 4,900 with effect from April 4. The windfall tax, which is revised fortnightly, remains at zero for diesel and aviation turbine fuel. The government has raised its windfall tax on petroleum crude for the fifth time since February. On March 15, the government raised the windfall tax on petroleum crude to Rs 4,900 a metric ton from Rs 4,600.
Oil & Natural Gas Corporation is currently trading at Rs. 269.55, down by 5.80 points or 2.11% from its previous closing of Rs. 275.35 on the BSE.
Oil India is currently trading at Rs. 623.20, down by 12.30 points or 1.94% from its previous closing of Rs. 635.50 on the BSE.
Reliance Industries is currently trading at Rs. 2932.10, down by 10.30 points or 0.35 % from its previous closing of Rs. 2942.40 on the BSE.
