Energy stocks fall sharply after govt hikes windfall profit tax on diesel, jet fuel export
Shares of Chennai Petro, Adani Total Gas, ONGC, Asian Energy and Reliance were trading more than 1.5 per cent to 4 per cent lower during early trade.
Shares of energy companies fell sharply on Thursday during the early morning trade after the government decided to hike windfall profit tax on export of diesel and jet fuel.
Shares of Chennai Petro, Adani Total Gas, ONGC, Asian Energy and Reliance were trading more than 1.5 per cent to 4 per cent lower during early trade.
While, BSE Energy were down 102.51 points or 1.15 per cent at 8,780.11, and Nifty Energy were down 269.65 points or 0.96 per cent at 27,834.85.
The government has hiked the windfall profit tax on the export of diesel to Rs 13.5 per litre and that on jet fuel exports to Rs 9 per litre.
The levy on domestically-produced crude oil too has been increased by Rs 300 per tonne to Rs 13,300.
The revision comes into effect from September 1.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
PM Modi has invested in this post office scheme; know his total worth as per Lok Sabha elections 2024 affidavit
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
11:46 AM IST