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Shares of Oil and gas companies are under pressure in noon trades after the government raised excise duty on petrol and diesel in an attempt to boost revenues and contain budget borrowing.
The government has raised the factory gate tax by Rs 1.50 a litre each for the two transport fuels.
Following the hike, excise duty for unbranded petrol to cost Rs 2.70 per litre and Rs 3.85 per litre for branded petrol.
The Oil & Gas index was the top sectoral loser on the BSE, down over 1.5%. Meanwhil, the 30-share Sensex was down 0.3% at 27,924.
The government has raised the factory gate tax by Rs 1.50 a litre each for the two transport fuels.
Following the hike, excise duty for unbranded petrol to cost Rs 2.70 per litre and Rs 3.85 per litre for branded petrol.
The Oil & Gas index was the top sectoral loser on the BSE, down over 1.5%. Meanwhil, the 30-share Sensex was down 0.3% at 27,924.
Nine of the ten companies comprising the Oil & Gas index were in red with Castrol India being the only exception, gaining 2%.
Oil Marketing Companies (OMCs) like HPCL, BPCL and IOC were the top losers down 3.5-5.5%. Cairn India, Oil India, GAIL, ONGC and Reliance Industries were off 0.6-4%.
