Sensex plunges 500 points as GDP hits 6 yr low

September 03, 2019 13:07

The Sensex and Nifty indexes slumped on Tuesday after the government data on Friday showed that the country's economic growth fell to over six-year low of 5 per cent.

Weakening economic growth along with escalating US-China trade frictions are hurting the market sentiment, analysts said.

The Sensex fell as much as 516 points and the NSE Nifty 50 index dropped below important psychological level of 10,900. As of 12:20 pm, the Sensex plunged 464 points or 1.2 per cent to 36,869 and the Nifty 50 index dropped 1.3 per cent or 138 points to 10,886.

State-run lenders were among the worst hit in trade today after the government on Friday announced mega mergers of the government-owned banks.

The gauge PSU banks on the NSE fell 3.5 per cent with Punjab National Bank falling 8 per cent. Finance Minister said Punjab National Bank, Oriental Bank of Commerce and United Bank will merge to form the country's second largest public sector bank with a business of Rs. 17.95 lakh crore, "1.5 times the size of Punjab National Bank".

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