Thread by @TickertapeIN

#RelianceIndustries down 8%, ONGC down 12%

Here’s why 👇

Reliance and ONGC have faced a bloodbath since morning with their share prices taking a huge fall 📉

And it’s all because of one of their main products: Oil 🛢️

#Reliance saw a fall in their share price because the government imposed an export duty of ₹6 per litre on petrol & aviation fuel and ₹13 per litre on diesel 💸

This is so that the government can benefit from the rising exports 💰

Have a look at the revenue breakdown of Reliance and how this export duty would impact the business significantly 👇

#ONGC saw a fall in their share price because the government imposed an excise duty of ₹23,250 per tonne 😯

This will restrict the company from earning profits because of the elevated global crude oil prices 🌐

If you want to perform your own research on these stocks, head on over to our screener and check out the Oil & Gas Sector 🛢️

tickertape.in/screener/equity