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Talk of tax treaty with Mauritius spooks Indian markets

Tuesday June 21, 2011 08:10:48 AM, IANS

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A benchmark index for Indian equities markets closed a whopping 363 points lower Monday as traders off-loaded stocks across the market breadth after a report that the tax department was seeking to tax profits made by companies   »

Mumbai: A benchmark index for Indian equities markets closed a whopping 363 points lower Monday as traders off-loaded stocks across the market breadth after a report that the tax department was seeking to tax profits made by companies registered in Mauritius.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,060.17 points closed at 17,506.63 points -- down 363.9 points or 2.04 percent from its previous close at 17,870.53 points.

It had slipped to an intra-day low of 17,341.38 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also ended lower at 5,257.9 points, down 2.02 percent.

Broader markets closed in the red as well, with the BSE midcap index down 3.18 percent and the BSE smallcap index down 3.26 percent.

The market breadth was negative, with 554 stocks advancing, 2,286 on the decline and 80 remaining unchanged.

Over the weekend, a senior Central Board of Direct Taxes (CBDT) official was quoted as having said that officials of India and Mauritius are expected to meet soon to work out the details of the new Double Taxation Avoidance Agreement.

India receives over 40 percent of its foreign direct investment through companies and funds registered in Mauritius.

The tax department is seeking to tax gains made by companies registered in Mauritius and operating in India.

There were only three gainers on the 30-scrip Sensex: Bharti Airtel, up 2.35 percent at Rs.389.30; Hindustan Unilever, up 0.36 percent at Rs.322.20 and Hero Honda, up 0.16 percent at Rs.1,733.

Prominent among the losers were RCom, down 7.89 percent at Rs.87.60; Reliance Infra, down 6.07 percent at Rs.545.25, Tata Motors, down 5.15 percent at Rs.930.25 and RIL, down 3.89 percent at Rs.834.60.

According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors sold stocks worth $80.83 million.

Asian markets closed subdued.

The Nikkei of the Japanese stock exchange ended flat at 9,354.32 points, while the Hang Seng of the Hong Kong stock exchange closed 0.44 percent lower at 21,599.51 points.

The Chinese Shanghai composite index moved down 0.82 percent to trade at 2,621.25 points.

European bourses too were trading weak.


 

 


 

 

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