Why Reliance share price today more than 7.20% from 290 to 2366.
Has the derating started in Reliance stock?
The biggest reason to fall Reliance share today is some decisions taken by Government today. There are three major reasons for Reliance share price fall.
The first reason is Govt. raised taxes on the export of petrol, diesel and ATF. The tax of Rs.6 on Petrol and Rs. 13 on Diesel.
The government has changed the export policy of petrol and diesel. Indian exporters will have to 50% in the domestic market on the total shipping bill.
The Finance minister issued a notice on Friday, The government imposed a cess of 23,250 per barrel on Domestic crude production.
The move is expected to dent Reliance profits, of which the oil refining business was roughly 40% in the quarter ended 31 March 2022.
Reliance stock fell after the government levied tax on windfall gains made by domestic refineries and exploration companies and also levied export tax on refining products out of India
RIL share price tanks 7% on excise duty hike on fuel, govt slaps additional tax on domestically produced crude
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