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Market Plunges On Budget Concern, Top Index Losers

Domestic stocks slumped 2% on Monday, their largest fall thus far 2019, as investors were dissatisfied after the federal budget increased the minimum public shareholding in listed entities to 35pc from 25pc.

The Nifty closed lower at 11,558, down 792 while the Sensex closed lower by 252pts at 38,720.

Massive selloff was recorded with 46 of the fifty-scrip Nifty stocks with Eicher Motors and Bajaj Finserv falling the most.

The major gainers on the Nifty were Yes bank, HCL Tech, Infratel, TCS and JSW Steel, while Bajaj Finserve, Bajaj finance, ONGC, NTPC and HeroMotor Corp.

Nifty PSU bank witnessed massive falls by 5.90% led by losses in PNB and Bank of India by 10 to 13%

The auto index declined by 3.26% with Hero MotoCorp down 5.26, followed by Maruti down by 4.83%

PNB shares closed lower by 11.25% at Rs.72.60 after reporting Rs 3,800cr scam by Bhushan Power&Steel.