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Sensex down over 600 points in early trade

File photo. Photograph:( Zee News Network )

WION Web Team New Delhi, India Aug 05, 2019, 09.38 AM (IST) Edited By: Riya Gupta

Domestic equity benchmark BSE Sensex lost over 600 points in early trade on Monday.

The 30-share index was trading 36,612.90 at 9:30am. 

Similarly, the broader NSE Nifty slumped over 160 points, to 10,832.60.

Among stocks, Yes Bank took a massive 8 per cent drop to trade at Rs 81.30 per share. 

Tata Motors was down by 5.6 per cent, JSW Steel by 5.3 per cent, State Bank of India by 4.9 per cent and Vedanta by 4.6 per cent.

Last week on Friday, shares reversed course and ended higher led by gains in IT and auto stocks, after a media report said the government was discussing the tax surcharge on foreign portfolio investors (FPI) and its impact on markets.

India had proposed to increase taxes on those with annual incomes of more than 20 million rupees ($287,387.29) in its annual budget last month, which rattled many FPIs. Foreign investors took out $1.8 billion from Indian equities in July.