'No Confidence Motion' by Sensex on Modi's budget, says Rahul Gandhi

Congress President Rahul Gandhi today took a dig at Prime Minister Narendra Modi over the Budget, saying the stock market has given a "no confidence motion" against it, after the Sensex fell by over 800 points.

"In Parliamentary language, the Sensex just placed a solid 800 point 'No Confidence Motion' against Modi's budget," Gandhi tweeted.

He also used the hashtag "BasEkAurSaal" along with his tweet while noting that only one more year of the Modi government is left.

Gandhi had yesterday alleged that in four years, the NDA government led by Narendra Modi had not provided any jobs and made several promises including those to farmers and youth.
 
"4 years gone; still promising FARMERS a fair price. 4 years gone; FANCY SCHEMES, with NO matching budgets. 4 years gone; no JOBS for our YOUTH. Thankfully, only 1 more year to go. #Budget2018," he tweeted yesterday.

Benchmark Sensex of Bombay Stock Exchange suffered its worst rout in more than two years today as the Budget proposals on taxing equities torpedoed investor sentiment.

The 30-share sensitive index plummeted 840 points -- its biggest single-day slump since August 24, 2015 -- while the broader NSE Nifty tanked over 250 points to finish below the 10,800-mark.

Investors saw a wealth erosion of more than Rs 4.5 lakh crore as stocks went into a free-fall.

The Budget 2018-19 presented on Thursday imposed long- term capital gains tax of 10 per cent on equities. Investors will also have to pay 10 per cent tax on distributed income from equity-oriented mutual funds.