Sensex Slumps 793 Points On Higher Tax For Foreign Investors

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The S&P BSE Sensex and NSE Nifty 50 Indexes posted their worst single-day fall of 2019 as investor sentiment was spooked by the Budget proposals. The Finance Bill which was tabled in the parliament by the country’s first full-time woman Finance Minister Nirmala Sitharaman called for increasing the minimum public shareholding for all listed companies to 35 per cent from the current limit of 25 per cent, threatening a wave of new issuance. Apart from increasing the public shareholding, the Budget for full financial year 2019-20 also called for imposing 20 per cent tax on share buy backs and also raised the tax incidence for foreign portfolio investors and high net-worth individuals.
The S&P BSE Sensex slumped as much as 907.91 points to touch intraday low of 38,605.48 and the NSE Nifty 50 Index dropped 287.85 points to hit intraday low of 11,523.30.

The Sensex fell 793 points or 2.01 per cent to close at 38,720.57 and the NSE Nifty 50 Index tumbled 2.14 per cent or 252.55 points to shut shop at 11,558.60.

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