India's Reliance at one-year low on export tax worries

Mangalore Refinery and Petrochemicals

06/04/2026 11:07

Updates

** Shares of India's Reliance Industries RELI.NS settle 3.4% lower at a near-one-year low of 1,304.70 rupees

** Stock posts fourth session of losses in five after India imposes windfall tax on diesel exports

** RELI fell as much as 4.5% earlier in the day

** Analysts expect refining margins of RELI, India's largest fuel exporter, to be impacted

** Recently imposed export taxes and oil marketing companies reportedly sourcing discounted crude to ensure refiners also absorb a meaningful share of sector-wide losses as consumers remain protected, says Citi Research

** Says this is the first instance where the burden of under-recoveries has been concentrated on downstream refiners and marketers, alongside partial fiscal absorption

** Other refiners MRPL MRPL.NS and Chennai Petroleum CHPC.NS also down 1.8% and 5%, respectively

** RELI rated "buy" on average by 32 brokerages, median PT is 1,700 rupees, per data compiled by LSEG

** YTD, RELI stock down ~17%

Shares of India's Reliance Industries near one-year low https://reut.rs/3NMWs6p

 (Reporting by Vivek Kumar M and Kashish Tandon)

 ((VivekKumar.M@thomsonreuters.com;))