MUMBAI: Shares of ONGC, Oil India , Reliance Industries (RIL) and Vedanta tumbled 4-15% following the government’s decision to slap a windfall tax on crude and an export tax on petrol, diesel and aviation turbine fuel (ATF).
Huge bearish bets have been built up in ONGC, which closed down 13.5% at Rs 131.05, and RIL, the chief petroleum products exporter , down 7.2% at Rs 2408.75. The range for RIL is Rs 2,300-2,500 while immediate range for ONGC is `130-140. A break below the support Rs 130 could result in another `10 correction.
Cash and delivery volumes spurted on the two counters. Traded volume on RIL stood at 3.78 crore on July 1 against the three month average of 83.71 lakh shares. Delivery volume was 1.6 crore shares against the 3-month average of 41.9 lakh shares.
Similarly, in ONGC traded volume was 12.57 crore shares (3 M average 2.6 crore) and delivery volume 2.87 crore (95.48 lakh ). The other crude producer OIL slumped 15% to Rs 213.85 while Vedanta slipped 4% to Rs 213.95. The export tax will also apply to Export-oriented units (EoUs) and special economic zone (SEZs), the government confirmed.