The BSE Sensex nosedived over 613 points to slip below the psychological 18,000-level in afternoon trade on Tuesday on increased capital outflow as the rupee hit a new record low against the US dollar, amid concerns of the government's rising subsidy burden.
Brokers said the foreign funds remained net seller which gathered momentum sparked by the rupee hitting new record low levels. They said the passage of the Food Security Bill in Parliament raised fears the government might face more subsidy burden, leading to widening of the current account deficit (CAD).
The 30-share index of the Bombay Stock Exchange plunged 613.99 points, or 3.31 per cent, to 17,944.14 at 2.10 pm, as the rupee breached the 66-mark against the US dollar in afternoon trade. The Indian currency also touched a new low of 102.45 against the British Pound.
On similar lines, 50-share National Stock Exchange index Nifty dropped a whopping 185.15 points, or 3.38 per cent to slip below the 5,300-level to 5,291.35, led by stocks of banking and capital goods sector.
Brokers said the foreign funds remained net seller which gathered momentum sparked by the rupee hitting new record low levels. They said the passage of the Food Security Bill in Parliament raised fears the government might face more subsidy burden, leading to widening of the current account deficit (CAD).
The 30-share index of the Bombay Stock Exchange plunged 613.99 points, or 3.31 per cent, to 17,944.14 at 2.10 pm, as the rupee breached the 66-mark against the US dollar in afternoon trade. The Indian currency also touched a new low of 102.45 against the British Pound.
On similar lines, 50-share National Stock Exchange index Nifty dropped a whopping 185.15 points, or 3.38 per cent to slip below the 5,300-level to 5,291.35, led by stocks of banking and capital goods sector.