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Sensex slumps 550 points as food bill raises concerns

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Reuters MUMBAI

MUMBAI (Reuters) - The BSE Sensex fell 550 points while the Nifty fell 175 points on Tuesday, giving up nearly all gains over the previous three sessions, as blue chips including HDFC slumped on worries the passage of a food security bill would worsen the country's fiscal deficit.

The Lok Sabha on Monday approved a plan worth nearly $20 billion on Monday to provide cheap grain to the poor.

Housing Development Finance Corp Ltd slumped 8.8 percent, while ITC Ltd lost 4.4 percent.

The broader NSE index fell 3.1 percent, while the benchmark BSE index slumped 2.8 percent, giving up nearly all the gains made in three-day winning streak.

 

(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)

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First Published: Aug 27 2013 | 1:54 PM IST

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