Indian oil companies fall after government hikes windfall tax

Reliance Chemotex Industries

01/09/2022 06:12

** Shares of Indian oil producers Oil and Natural Gas Corp
ltd  ONGC.NS  and Chennai Petroleum Corp Ltd  CHPC.NS  fall
between 2.2% and 5%
    ** India raised windfall tax on locally produced crude oil
by 300 rupees; tax on aviation turbine fuel raised to 9 rupees
per litre, from 2 rupees per litre  urn:newsml:reuters.com:*:nFWN3071W3
    ** Nifty Energy index  .NIFTYENR  is down 1.4% after the
announcement
    ** Refiner Reliance Industries Ltd  RELI.NS  falls as much
as 2.2%; Vedanta Ltd  VDAN.NS  down 2.5%
    ** CHPC slides as much as 5%, its biggest intraday pct loss
in over three weeks; ONGC shares fall as much as 2.8%
    ** Up to last close, RELI shares up 1.6% since India
announced the taxes on July 1; ONGC down 8.6% in the same period

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))