Both Sensex and Nifty crashed after finance minister Nirmala Sitharaman’s Budget presentation on Sunday. As of 12:37 pm, Sensex crashed 1,521 points to 81,048.69 and Nifty dropped by 453 points to 24,965.45.
The development came shortly after Sitharaman ended her much-anticipated Union Budget speech in Parliament. In her speech, Sitharaman announced a hike in STT (Securities Transaction Tax) on Futures and Options, a move likely to impact derivatives trading costs.
In her budget speech, Nirmala Sitharaman she reportedly announced the restructuring of the two state-run entities – REC Ltd (formerly Rural Electrification Corporation) and Power Finance Corporation (PFC), as part of the government’s public sector financial institution strengthening.
This is a breaking news story. More details awaited.
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