(G.N.S) Dt. 1
Mumbai
Rs 4 lakh cr wealth wiped out as Sensex crashes down by 987.96 points in one of worst reactions to Budget; Nifty cracks below 11,650 within just 160 minutes.
As Finance Minster Nirmala Sitharaman gave taxpayers a choice to opt for an alternate tax system in Union Budget 2020, Sitharaman has said that the government plans to raise money by making Life Insurance Corporation (LIC) public through IPO. After brief gain, market dipped again as FM presented the Union Budget 2020-21 in Parliament.
Sensex and Nifty turned cautious in late-morning trade on Saturday. Earlier, market benchmark Sensex slumped over 100 points in opening session today ahead of the release of the Union Budget to be presented by Finance Minister Nirmala Sitharaman.
The Sensex tumbled 987 points or 2.4% to 39,735. On the NSE, the broader Nifty50 index slumped 2.6% to 11,643. Among the Sensex stocks, ITC fell 7% after the government proposed an increase in excise duty on tobacco. Other top losers in the Sensex pack included L&T, HDFC, SBI, ONGC, ICICI Bank and IndusInd Bank that fell between 4% and 6%.
