Sensex slumps 590 points as food bill raises worries

MUMBAI (Reuters) - The BSE Sensex fell 590 points while the Nifty slumped 189 points on Tuesday, giving up nearly all gains made over the previous three sessions, as blue chips including HDFC plunged 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 to provide cheap grain to the poor.

Housing Development Finance Corp Ltd ended down 7.8 percent, while ITC Ltd lost 3.12 percent.

The broader Nifty tanked 3.45 percent, while the benchmark BSE Sensex slumped 3.18 percent, snapping their three-day winning streak.

(Reporting by Abhishek Vishnoi; Editing by Subhranshu Sahu)