Sensex plunges 434 pts after RBI policy outcome; rate-sensitive stocks tank
Equity benchmark BSE Sensex plummeted 434 points on Friday, dragged by heavy losses in banking stocks after the RBI slashed the country’s economic growth outlook for this fiscal.In its fourth bi-monthly policy review, the central bank also reduced its benchmark lending rate by 0.25 per cent to revive growth that has hit a six-year low.After opening nearly 300 points higher, the 30-share index gave up all the gains to turn negative after the policy announcement by the Reserve Bank of India (RBI).After gyrating 770 points during the day, the 30-share…
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