ONGC, Oil India jump up to 3% on sharp cut in windfall tax

The tax on crude oil produced by firms such as state-owned ONGC was reduced to Rs 4,900 per tonne from Rs 10,200 per tonne w.e.f December 02, 2022.

Shares of Oil and Natural Gas Corporation (ONGC) and Oil India jumped 3 per cent each to Rs 144.75 and rs 214.10 on the BSE in Friday’s intra-day trade in an otherwise weak market after the government on Thursday slashed to less than half the windfall profit tax on domestically produced crude oil and also reduced the levy on diesel.

The tax on crude oil produced by firms such as state-owned ONGC was reduced to Rs 4,900 per tonne from Rs 10,200 per tonne. In the fortnightly revision of windfall profit tax, the government cut the rate on export