Getting relief on petrol and diesel proves to be expensive for these companies

Getting relief on petrol and diesel proves to be expensive for these companies

The Finance Minister also appealed to all states to reduce VAT. The impact of this appeal was that only after the announcement of Jaitley, most of the BJP-ruled states cut VAT.

The Indian government has cut excise duty to give relief to the common man by rising petrol and diesel prices. On Thursday, Finance Minister Arun Jaitley announced that oil companies have been asked to lift their loads to reduce prices. After this announcement of the Government, the shares of oil companies are constantly under the red mark.

On Friday after the announcement, the shares of oil companies are trading below the red mark. At the moment (11.26am), the worst fall is seen in Hindustan Petroleum shares. The shares of the company are trading with a fall of 20.52%.

After Hindustan Petroleum, Bharat Petroleum shares are also under red marks. There is also a huge drop in them. The shares of this company are trading at a Nifty-50 with a decline of 17.32%.

Apart from these two companies, Indian Oil Company's shares are trading 13.51 points, ONGC's shares are trading 10.93 per cent and Gail shares is down 7.45 per cent.

Let us know that Finance Minister Arun Jaitley announced a cut of 2.50 rupees on Thursday. During this time, he asked the oil companies to make a reduction of 1 rupee per liter and the revenue department would bear Rs 1.50.

The Finance Minister also appealed to all states to reduce VAT. The impact of this appeal was that only after the announcement of Jaitley, most of the BJP-ruled states cut VAT.

However, soon after the announcement of this announcement on behalf of the finance minister, the stock market has stirred up and shares of oil companies have collapsed. This decline started on Thursday, continues today.

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