Energy stocks drop sharply after the government increases profits tax windfall on jet fuel export (Ld)

Mumbai 1st, September : The stock prices of energy firms fell dramatically on Thursday in the early morning trading session after the government was able to raise the profits from windfalls on exports of jet fuel and dieselShares of Chennai Petro, Adani Total Gas, ONGC, Asian Energy and Reliance were trading between 1.

5 percent or 4 percent lower in the early trading.However, BSE Energy were down 102.51 points or 1.15 percent at 8,780.11 and Nifty Energy were down 269.65 points or 0.96 percent at 27,834.85.The government has increased the windfall tax profit on exports of diesel to the amount of Rs 13.5 per litre, and for jet fuel exports to 9 per litre.The levy on domestically-produced crude oil too has been increased by Rs 300 per tonne to Rs 13,300.The revision takes effect on September 1st.msn.