Indian shares slumped more than 2 percent on Tuesday, marking their biggest single-day fall in over 10 months and retreating from record highs hit earlier in the session, after the railway budget raised worries the government would slash spending.
The railways budget has revised up the plan outlay to 654.45 billion rupees for 2014/15, up 1.8 percent compared with the interim budget's estimate of 643.05 billion rupees.
Shares of railway related companies extended intraday losses and plunged between 5-20 per cent as the railways budget failed to enthuse investors.
Texmaco RailBSE -19.84 % Engineering plunged 20 per cent, Container CorporationBSE -6.38 % fell 7.12 per cent, BEMLBSE -5.00 % was down 5 per cent, Kernex MicrosystemsBSE -4.94 % was down 5 per cent and -6.68 % was down 6.68 per cent.
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