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Share Market LIVE: Sensex tanks over 300 points, Nifty settles near 11,900

FE Online
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Share Market News Today | Sensex, Nifty, Share Prices LIVE: Benchmark equity indices — Sensex and Nifty — ended the intraday trade on a negative note. Sensex tanked 330.13 points to end at 40,323.61, while Nifty settled near 11,900 on the last day of the week. Earlier in the day, Moody’s Investors Service cut India’s credit ratings to negative. The agency has projected a budget deficit of 3.7 per cent of the GDP in the current fiscal year, which exceeds the government’s budget estimate of 3.3 per cent. Slower growth and cut in corporate tax rate are also seen as reasons for low annual revenue. India’s foreign currency rating has also been retained at Baa2, which is the second-lowest grade score.