On Friday, shares of export-focused oil refiners fell as 

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the government taxed windfall gains by increasing refining margins.

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The government added an additional excise duty of Rs. 5 per liter on petrol 

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and Rs. 6 per liter on diesel and air turbine fuel exported abroad.

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Local oil drillers are now subject to an additional tax 

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of Rs 23,259 per tonne from the Centre.

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The decision caused an uproar in the oil district located on Dalal Street. 

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In Jamnagar, Reliance Industries operates the world's largest refinery.

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At present, it is trading at a valuation of Rs 2,400 with a 

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fall of 7 per cent. Additionally, it destroyed the market on its own.

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The stock liquidated shareholder assets worth Rs 1.2 lakh crore at the height of the sell-off.

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Chennai Petroleum and Mangalore Refinery were both down around 8%. 

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The recent gains in both the stocks were attributed to strong forecast for exports of petroleum products. 

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ONGC and Vedanta, which own oil rigs in India, both experienced a 5% shortfall.

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