Government will look into local market slump: Hasmukh Adhia

NEW DELHI: The government will look into what it can do after a slump in local market reflecting global sell off, the finance and revenue secretary said on Tuesday.Hasmukh Adhia said he will discuss the issue of fall in local markets with Finance Minister Arun Jaitley.

HIGHLIGHTS

• BSE Sensex and NSE Nifty on Tuesday slid more than 3 per cent
• The rupee also weakened as a global market rout whacked sentiment, adding to existing investor concerns

When asked if the government will scrap or review the long term capital gains tax which was introduced last week in the federal budget, Adhia said the local markets are mimicking global weakness, "but the government will look into what it can do".

BSE Sensex and NSE Nifty on Tuesday slid more than 3 per cent and the rupee weakened as a global market rout whacked sentiment, adding to existing investor concerns ahead of RBI policy meeting and a new capital gains tax later in the year.