Reliance Industries shares in focus as govt slashes windfall tax on fuel exports; stock down 21% in 2026 so far

Shares of Mukesh Ambani-led Reliance Industries (RIL) will remain in focus on Thursday after the government slashed windfall tax on petroleum exports, reducing levies on petrol, diesel and aviation turbine fuel (ATF) as part of its fortnightly review of export duties.

The duty on diesel exports has been cut to Rs 20 per litre from Rs 25 earlier, while the levy ⁠on export of petrol has been cut to Rs 0.5 per litre from Rs ⁠1.5 earlier, according to a government order ⁠issued late on Wednesday. The tax on aviation turbine fuel has ⁠been set at Rs 15 per ⁠litre from Rs 19 earlier. The excise duty on petrol and diesel meant for domestic consumption remained unchanged.

Also read |India slashes windfall tax on petrol, diesel, ATF exports


Reliance Industries, India’s most valuable company with a market capitalisation of more than Rs 18 lakh crore, is a major exporter of ATF and diesel. Its two refineries at Jamnagar produce nearly 5 million tonnes of aviation turbine fuel, a large part of which is exported. Overall, it produces one-fourth of India’s total ATF.

The shares of the company had seen a sharp downturn in March after the government reintroduced windfall taxes on diesel and ATF exports, reversing its earlier decision to scrap such taxes, as authorities sought to recalibrate revenue from the energy sector amid heightened volatility in global oil markets at the onset of the Middle East conflict.

Since then, oil prices have seen sharp swings, rising to nearly $130 per barrel before falling back to pre-war levels, and then again soaring above $100 per barrel. Brent crude futures are trading near $106 per barrel on Thursday morning, while WTI crude futures are above $102 per barrel.

RIL to raise Rs 12,500 crore via 5-year bonds

Meanwhile, Reliance Industries is raising Rs 12,500 crore in a five-year bond issue, with Axis Bank, HDFC Bank, ICICI Bank and Yes Bank among the lenders arranging the transaction, bankers told ET this week. The bonds are expected to be priced at around 7.47%, and Axis Bank is expected to have the largest allocation of these bonds, followed by ICICI Bank, HDFC Bank and Yes Bank, people familiar with the transaction said.

The transaction comes as Indian banks see increased liquidity from a surge in foreign currency deposits, giving them more funds to deploy toward corporate lending, the sources added. This would mark the Mukesh Ambani-led conglomerate’s first major foray into the domestic bond market since 2023.

Also read |Reliance Industries to raise Rs 12,500 crore via five-year bonds

RIL share price

The shares of India’s most valuable company, Reliance Industries, have dropped over 21% in 2026 so far, underperforming the Nifty 50 index, which has fallen 11%. This came as rising tensions between Iran and the US led to a surge in oil prices and bond yields, among other factors.

The heavyweight's shares have fallen nearly 3% in a week and 6% in a month, overall being down a little over 12% in one year. In the longer term, the stock has gained only 1% in three years and 4% in five years.

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