Benchmark indices are showing tremendous weakness led by PSU Bank stocks after news that PNB reported a fraud worth Rs3,800cr broke.
The weakness has been further magnified as the markets were unimpressed with budget announcements such as the requirement of raising public shareholding as well as buyback tax to listed public cos.
More than three shares declined for every share rising on the BSE, with all sectoral indices trading in the negative territory.
The Sensex has plunged by over 600 points below the 39,000 mark, while the Nifty declined 193 points to 11,617.
NIfty PSU Bank is down ~5.7% led by PNB (-11%) and Bank of India (-8%).
Nifty Realty and Auto indices are also showing weakness, down by 3.3% and 2.5%, respectively.
Auto stocks are reacting to the absence of any conspicuous impetus in the budget for the beleagured sector.
Maruti Suzuki saw a 2-year low, currently trading at Rs6,158 down by Rs206.75 or 3.25% from its previous closing of Rs6,364.75 on the BSE.
The Indian rupee fell further in late morning deals, falling 29p to 68.71 against the US dollar.
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