'No Confidence Motion' by Sensex on Modi's budget: Rahul

Congress President Rahul Gandhi

today took a dig at Prime Minister Narendra Modi over the

Budget, saying the stock market has given a "no confidence

motion" against it, after the Sensex fell by over 800 points.

"In Parliamentary language, the Sensex just placed a

solid 800 point 'No Confidence Motion' against Modi's budget,"

Gandhi tweeted.

He also used the hashtag "BasEkAurSaal" along with his

tweet while noting that only one more year of the Modi

government is left.

Gandhi had yesterday alleged that in four years, the NDA

government led by Narendra Modi had not provided any jobs and

made several promises including those to farmers and youth.

"4 years gone; still promising FARMERS a fair price. 4

years gone; FANCY SCHEMES, with NO matching budgets. 4 years

gone; no JOBS for our YOUTH. Thankfully, only 1 more year to

go. #Budget2018," he tweeted yesterday.

Benchmark Sensex of Bombay Stock Exchange suffered its

worst rout in more than two years today as the Budget

proposals on taxing equities torpedoed investor sentiment.

The 30-share sensitive index plummeted 840 points -- its

biggest single-day slump since August 24, 2015 -- while the

broader NSE Nifty tanked over 250 points to finish below the

10,800-mark.

Investors saw a wealth erosion of more than Rs 4.5 lakh

crore as stocks went into a free-fall.

The Budget 2018-19 presented on Thursday imposed long-

term capital gains tax of 10 per cent on equities. Investors

will also have to pay 10 per cent tax on distributed income

from equity-oriented mutual funds.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)