Sensex tanks 560 points; bank, auto stocks bleed

Extending losses for the second consecutive session, market benchmark BSE Sensex plunged 560 points on Friday after the government thwarted hopes of a tax relief for FPIs.

Led by a sell-off in auto and banking stocks, the 30-share index cracked 560.45 points or 1.44% to settle at 38,337.01. The broader NSE Nifty sank 177.65 points to 11,419.25.

On Thursday, Finance Minister Nirmala Sitharaman had said the proposed hike in tax on individuals earning more than ₹2 crore will not impact FPIs, provided they organise themselves as a company.

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