Textile stocks dropped at 15:13 IST on BSE as the sector did not seem pleased with finance minister Arun Jaitley's quantum of fund allocation to the textile sector as announced in the Union Budget speech 2018-19.
Meanwhile, the S&P BSE Sensex was down 63.11 points or 0.18% at 35,901.91.
Raymond (down 3.09%), Bombay Dyeing & Manufacturing Company (down 2.52%), Arvind (down 1.32%), Kitex Garments (down 1.13%) and Welspun India (down 0.43%) declined. Indo Rama Synthetics (India) (up 0.71%) gained.
The Government had approved a comprehensive textile sector package of Rs 6000 crore in 2016 to boost the apparel and made-up segments. The government, now, proposed to provide an outlay of Rs 7148 crore for the textile sector in FY 2019.
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