Stocks take a tumble at Ludhiana bourse

The stock market tumbled by 541 points on the day the Budget was announced. While experts say the fall was due to global market trends, this is the biggest fall in the stock market on any Budget day.

At the Ludhiana Stock Exchange (LSE), securities registered an increased trade volume of more than Rs 30 crore yesterday as compared to February 27, as majority of investors sold their stocks .

Though experts kept asserting the fall is not due to the budget, investors pressed the panic button. At LSE Securities, which registered a total trade volume of Rs 330 crore yesterday, brokers recieved calls for stock sale after the market tumbled 400 points even before the budget speech.

J S Arneja, Senior Manager at LSE, said that brokers also advised investors not to sell. ``On February 27, our trade volumes were around Rs 300 crore. Yesterday, an additional business of Rs 30 crore was generated. More than 80 per cent stocks were sold."

Arneja pointed out due to unexpected trading in China and later a fall reported yesterday, the US markets got a signal the Chinese market may go weak. Hence, a fall in markets was reported all over the world, and in the country too.