Reliance hits near one-week low after India raises fuel export taxes

Mangalore Refinery and Petrochemicals

13/04/2026 05:17

** Shares of India's Reliance Industries RELI.NS fall 2.8% to near one-week low of 1,313 rupees

** India raises export duties on diesel, aviation turbine fuel

** Refiners MRPL MRPL.NS and Chennai Petroleum CHPC.NS fall 2.4% and 1.9%, respectively

** Nomura says MRPL, Nayara, CPCL, HPCL Mittal Energy, Numaligarh and domestic refineries of RELI will be subject to windfall tax on export of diesel and air turbine fuel

** Adds that RELI's export refinery, which accounts for almost half its refining capacity, not impacted

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

** YTD, RELI stock down 16.4%

 (Reporting by Brijesh Patel in Bengaluru)

 ((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))