Sensex Slumps 793 Points On Higher Tax For Foreign Investors | Read

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.