The Nifty50 index breached 10,900 while Sensex slumped over 600 points to levels of 36,833 as lower-than-expected GDP numbers for the April-June quarter on Tuesday.
The latest economic development has sparked fears of economic recovery and capital outflow. Following the announcement of the merger of 10 PSU banks by Finance Minister Nirmala Sitharaman in the country on Friday, the shares of Punaj National Bank (PNB), Oriental Bank of Commerce, Canara Bank, Indian Bank, and Union Bank tanked up to 7 per cent on the Bombay Stock Exchange today, reports said.
Reports said the Indian Rupee also fell to its lowest level in 2019.
On Tuesday, the rupee fell as much as 1.27% against the US dollar to 72.30. This year, the Rupee has fallen nearly 3.5% against the US Dollar.
On September 1, former prime minister Dr Manmohan Singh had said that our economy has not recovered from the man-made blunders of demonetisation and a hastily implemented GST. He also urged the government to put aside vendetta politics and reach out to all sane voices to steer our economy out of this crisis
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