The Economic Times

Reliance Industries shares drop 5%, wipe off Rs 88,000 cr from market value as govt reimposes windfall tax on fuel exports

Reliance Industries shares fell, wiping out more than 82,000 crore in market value after the government reinstated windfall taxes on diesel and ATF exports. The move, aimed at boosting domestic supply amid volatile global oil markets, was confirmed by Nirmala Sitharaman, who said higher duties would ensure adequate availability of fuel within the country.