Shares in Infrastructure Development Finance Co (IDFC) dropped 4% as the Union Budget unveiled on Friday was seen favouring government-backed companies at the expense of those with private ownership.
IDFC will not benefit from the government's plans to double the issuance of tax free bonds to finance infrastructure projects to 600 billion rupees, which helped boost some of its state-owned rivals such as Power Finance Corp on Monday.
Also weighing on IDFC were valuation concerns, with shares up 58% this year as of Friday, compared with a 15% gain in the Nifty index.
