AP Special status row sends markets into a tailspin

Hyderabad: The no confidence notice moved by Telugu Desam Party (TDP), the ruling party in Andhra Pradesh and a key NDA ally, on Friday rocked the bourses -- BSE and NSE-- and created panic among investors about political uncertainty. 

The market sentiment suffered a major setback following the latest development on the political front after N Chandrababu Naidu, Chief Minister of AP and President of TDP, has decided to quit the NDA alliance and moved a no-confidence motion notice against the central government, for not granting special status to AP.     

This had accelerated the selling pace by participants. The BSE Sensex on Friday dived 509.54 points, or 1.51 per cent, its biggest single-day fall since February 6, to close at 33,176 due to a major sell-off amid global trade worries and latest political concerns after the no-confidence notice by TDP. Similarly, the broader NSE Nifty dipped below the 10,200-mark to hit a low of 10,180.25 before ending at 10,195.15, down by 165 points, or 1.59 per cent.