The stock market extended its losses with the Sensex dipping close to 500 points within minutes of Finance Minister P Chidambaram announcing a hike in short-term capital gains tax to 15 per cent, while leaving corporate tax and surcharge rates unchanged.
Mumbai: The stock market extended its losses with the Sensex dipping close to 500 points within minutes of Finance Minister P Chidambaram announcing a hike in short-term capital gains tax to 15 per cent, while leaving corporate tax and surcharge rates unchanged.
The 30-share Sensex was trading down by 464.86 points at the day's low of 17,359.62.
While Finance Minister P Chidambaram raised tax slabs for personal income tax assessees, he left corporate tax rates unchanged and raised short-term capital gains tax to 15 per cent from 10 per cent.
In the early trade, the 30-share index opened weak at 17,779.54 and later moved downward to be quoted at 17,734.73 at 1030 hrs, down 210 points from previous close of 17,824.48.
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