Reliance loses ₹82,000cr in market cap as windfall taxes return
Reliance Industries shares slid over 4% on Friday, wiping out more than ₹82,000 crore in value.
The reason? The government just brought back windfall taxes on diesel and aviation fuel exports, meaning Reliance now faces extra duties of ₹21.5 per liter for diesel and ₹29.5 per liter for ATF.
This move aims to keep domestic fuel supplies steady as global prices bounce around.
Nayara's fuel price hike raised concerns among dealers
The tax comeback is part of a bigger plan to balance energy sector revenue, especially after Nayara Energy hiked gasoline and diesel prices, making dealers worried about losing customers.
Reliance's share tumble also dragged down major stock indices like Sensex and Nifty.
Meanwhile, the company called out rumors about buying Iranian crude as "baseless," asking media to double-check facts before posting stories.