Petrol export duty: Will RIL shares fall more after Friday's 9% slide?

The bias for Reliance remains positive, with strong support seen at the 50-WMA, below which the next significant support is at Rs 2,350.

Shares of upstream oil companies, both explorers and distributors were in focus on Friday after the government levied tax on the export of petrol, diesel, and aviation turbine fuel (ATF).

The government imposed a Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel. Additionally, it levied a Rs 23,250 per tonne additional tax on crude oil produced domestically. READ MORE

Following which, Reliance Industries and other oil producers ONGC and MRPL slumped up to 10 per cent in intraday trades. Given this backdrop, here’s a quick