Reliance Industries Draws Attention After Fuel Export Levy Cuts And Fresh Bond Plans

Shares of Reliance Industries Limited are in focus on 17 September 2026 after the government reduced windfall taxes on petroleum product exports. The move lowers the levies applicable to petrol, diesel and aviation turbine fuel (ATF) exports as part of the government's fortnightly review of export duties.

However, Reliance Industries shares have declined more than 21% so far in 2026, compared with an 11% fall in the Nifty 50. The stock has also fallen nearly 3% over one week and around 6% over one month. Over one year, the stock is down a little more than 12%. The longer-term performance has been relatively subdued, with the stock gaining around 1% over three years and 4% over five years.

At 11:07 am, the Reliance Industries share price stood at ₹1,240.90 on the National Stock Exchange (NSE), up 0.07% from the previous close of ₹1,240. The stock opened at ₹1,244.80 and touched a high of ₹1,253.40 in early trading.

Reliance Industries Gets Relief From Lower Fuel Export Levies

The government has reduced the export duty on diesel to ₹20 per litre from ₹25. The levy on petrol exports has been lowered to ₹0.50 per litre from ₹1.50, while the duty on ATF exports has been cut to ₹15 per litre from ₹19. Duties on petrol and diesel sold in the domestic market remain unchanged.

The changes are relevant for Reliance Industries, which is a major exporter of ATF and diesel. Its two Jamnagar refineries produce nearly 5 million tonnes of ATF, with a significant portion exported. The company accounts for about one-fourth of India's total ATF production. It is the most valuable company in India, with a market capitalisation of over ₹18 lakh crore.

The Reliance Industries share price had fallen sharply in March after windfall taxes on diesel and ATF exports were reintroduced.

Bond Issue Worth ₹12,500 Crore Adds Another Focus Area

Reliance Industries is also raising ₹12,500 crore through a five-year bond issue. Axis Bank, HDFC Bank, ICICI Bank and Yes Bank are among the lenders arranging the transaction, while the bonds are expected to be priced at around 7.47%.

Axis Bank is expected to receive the largest allocation, followed by ICICI Bank, HDFC Bank and Yes Bank. The deal comes as Indian banks have seen increased liquidity following a rise in foreign currency deposits, giving them greater capacity for corporate lending.

The bond issue would be the conglomerate’s first substantial entry into the domestic bond market since 2023.

Higher Oil Prices And Bond Yields Keep Reliance Industries Under Pressure

The recent weakness in Reliance Industries shares has come against the backdrop of higher oil prices and bond yields, with tensions involving Iran and the US contributing to market volatility.

Oil prices have remained volatile after moving close to $130 a barrel before retreating and later climbing above $100. Brent crude futures were near $106 a barrel on Thursday morning, while West Texas Intermediate (WTI) crude futures were above $102.

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