India's Reliance nears one-year low as analysts flag hit to refining margins after export tax

Mangalore Refinery and Petrochemicals

06/04/2026 07:20

** Shares of India's Reliance Industries RELI.NS down 4.1% to near one-year low of 1,295 rupees

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

** 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 1.6% and 3.9%, respectively

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

** YTD, RELI stock down 17.2%

 (Reporting by Vivek Kumar M)

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