ONGC, Oil India extend fall; tank up to 20% in two days on windfall tax

Brokerage firm Motilal Oswal reiterates its BUY rating with revised target prices of Rs 171 and Rs 364 for ONGC and Oil India, respectively.

Shares of state-owned upstream oil & gas companies, Oil and Natural Gas Corporation (ONGC) and Oil India were down for the second straight day, falling up to 6 per cent on the BSE in Monday’s intra-day trade after the government on Friday imposed a special additional excise duty of Rs 23,250 per tonne on crude oil production.

In the past two trading days, the stock of Oil India has slipped 20 per cent, while ONGC dipped 18 per cent. In comparison, the S&P BSE Sensex gained 0.1 per cent during the same period.

The government announced export taxes