Reliance Industries stock tumbles nearly 9% on ‘export tax’

BQ

Reliance Industries, Other Energy Stocks Tumble On Petroleum Export Duty

Shares of India's oil and energy firms slumped after the petroleum export duty hike.The government has raised excise duty on export of crude and petroleum products, levying a special additional excise duty of Rs 5 a litre on petrol and Rs 12 a litre on diesel, according to its statement. Special additional excise duty of Rs 23,250 a tonne of petroleum crude and Rs 6 a litre of aviation turbine fuel was also levied.Shares of Reliance Industries L…