Of course, some don’t expect any new windfall tax. For instance, CLSA has raised ONGC stock’s target price to ₹415 apiece, almost 60% higher than current levels. The broking firm believes that the stock is still pricing in crude at $63 a barrel, not the current $100. Its target price is based on crude sustaining at $89 in 2027, and dropping to $82 in 2028. If the war ends over the next few weeks, these assumptions may fail to hold. This uncertainty is also weighing on investor sentiment.