INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Oil gas stocks suffered losses during Thursday's trade amid fears of a windfall tax that the government may impose on them in
order to moderate the surging fuel prices.
The government may levy a windfall tax on oil producers like ONGC as part of a permanent solution
it is working on for moderating the spiralling retail prices of petrol and diesel, PTI reported on Thursday.
Rising crude oil prices and
declining rupee against the US dollar were other major factors that have hit oil stocks badly.
The BSE Oil Gas index was trading 1.64 per
cent down at 13,537 around 01:45 pm
ONGC (down 9.65 per cent) was the top drag on the index
Shares of Oil India (down 3.82 per cent), Castrol India (down 2.63 per cent), Hindustan Petroleum Corporation (down 2.32 per cent), Bharat
Petroleum Corporation (down 1.58 per cent), Indraprastha Gas (down 1.39 per cent) and GAIL (India) (down 1.14 per cent) were also among the
Indian Oil Corporation (up 0.81 per cent) and Reliance Industries (up 0.49 per cent) were the two stocks in the oil gas index that were up
with mild gains.
Benchmark BSE Sensex was up 265 points at 34,610, while the NSE Nifty50 index was up 61 points at 10,491
In the Sensex index, 20 stocks were up, while 11 were down
ONGC, Tata Motors and Bajaj Auto were the top losers in the Sensex index.
