Anil Ambani's Reliance Group stocks plunge after Budget
28th February 2013 05:18 PM
Anil Ambani led Reliance Group stocks tumbled after the announcement of Budget by Finance Minister P Chidambaram, which disappointed the market.
Chidambaram presented an overall neutral Union Budget. As expected, Chidambaram has made steep hike in allocation to social and rural schemes, eyeing general elections due next year. At the same time, he has pegged fiscal deficit at 4.8% for next fiscal to avoid possible rating downgrade. However, it was disappointing for most industries, which are looking at growth stimulus and for common man looking at reduction in taxes.
But what hurt most was the announcement on GAAR. Chidambaram said the government will implement the modified GAAR, which aimed at companies and investors routing money through tax havens such as Mauritius, from Apr. 1, 2016. This weighed heavily on the markets and stocks, and Reliance Group stocks were no exception.
Reliance Communicationsdropped the mostwithfallof 11.18%, followed by Reliance Infrastructure (9.78%), Reliance Broadcast Network (9.24%), Reliance Capital (8.06%), Reliance Power (7.24%) and Reliance MediaWorks (4.94%).
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