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Business News/ Markets / Stock Markets/  ONGC share price falls after government hikes windfall tax on domestic crude oil
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ONGC share price falls after government hikes windfall tax on domestic crude oil

The government hiked Special Additional Excise Duty (SAED) on crude petroleum to ₹4,250 per tonne from ₹1,600 per tonne.

ONGC shares have gained nearly 20% this year so far. The stock is up 27% in the last one year period. (HT_PRINT)Premium
ONGC shares have gained nearly 20% this year so far. The stock is up 27% in the last one year period. (HT_PRINT)

ONGC share price declined over a percent on Tuesday after the government increased windfall tax on domestic crude oil with effect from today. ONGC shares fell as much as 1.49% to 174.30 apiece on the BSE.

The Central Government late Monday announced a hike in windfall tax on domestic crude oil.

The government hiked Special Additional Excise Duty (SAED) on crude petroleum to 4,250 per tonne from 1,600 per tonne. 

According to a government notification, a windfall tax on diesel has been increased to Re 1 per litre from nil earlier.

Read here: Centre increases windfall tax on domestic crude oil with effect from today

The windfall tax on petrol and aviation turbine fuel has been left unchanged.

Oil and Natural Gas Corporation (ONGC) is the state-run oil explorer. 

ONGC shares have gained nearly 20% this year so far. The stock is up 27% in the last one year period.

At 9:40 am, ONGC share price was trading 0.59% lower at 175.90 apiece on the BSE.

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Published: 01 Aug 2023, 09:42 AM IST
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