UPDATE 1-Indian shares dive 2% as federal budget gets thumbs down from investors [Reuters]
SUZUKI MOTOR CO UNSP/ADR (SZKMY)
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Source: Reuters
UPDATE 1-Indian shares dive 2% as federal budget gets thumbs down from investors - Reuters 3 Min Read * Both NSE, BSE indexes see worst session so far this year * Maruti stock closes over 5% lower * PNB tumbles after flagging borrowing fraud (Updates to close) By Chandini Monnappa July 8 (Reuters) - Indian shares slumped 2% on Monday, their biggest fall so far this year, as investors were disappointed after the federal budget raised import tariffs on many items, hiked taxes on the rich and proposed changes in shareholding norms. Finance Minister Nirmala Sitharaman on Friday proposed increasing the minimum public shareholding in listed companies to 35% from 25%, threatening a wave of new issuance. “The investor community is disappointed with the budget and there will likely be short-term money exiting the market,” said Sunil Sharma, chief investment officer, Sanctum Wealth Management. The broader NSE index finished 2.14% lower at 11,558.60, while the benchmark BSE index closed down 2.0
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