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Reliance Plunges 7.6% After India Raises Fuel Export Taxes

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Reliance Plunges 7.6% After India Raises Fuel Export Taxes

By Bloomberg

Jul 01, 2022

image is BloomburgMedia_REBRFAT1UM0X01_01-07-2022_06-00-11_637922304000000000.jpg

Reliance Industries Ltd. signage at a gas station near the company's oil refinery in Jamnagar, Gujarat, India, on Saturday, July 31, 2021. The Indian city of Jamnagar is a money-making machine for Asia's richest man, Mukesh Ambani, processing crude oil into fuel, plastics and chemicals at the world's biggest oil refining complex that can produce 1.4 million barrels of petroleum a day. Photographer: Dhiraj Singh/Bloomberg

(Bloomberg) -- Reliance Industries Ltd. slumped the most since December after the Indian government raised taxes on exports of petroleum products such as gasoline, diesel and jet fuel.

The heavyweight’s stock fell as much as 7.6%, dragging the benchmark S&P BSE Sensex lower amid broad declines in Asian equities.

READ: India Raises Taxes on Export of Gasoline, Diesel, Jet Fuel

More stories like this are available on bloomberg.com

©2022 Bloomberg L.P.

By Ashutosh Joshi

RIL@IN ALLTOP ASIA ASIATOP BUSINESS CMD COS GOV INDIA INDUSTRIES MARKETS NRG OIL STK WORLD WWTOP WWTOPAS

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