Budget 2017 impact: Rail stocks tank on proposed allocation

Rail stocks fell up to 6% as investors were unhappy on the proposed allocation to railways for 2017-18.
 
FM Arun Jaitley in his Budget speech today, proposed a 8.3% higher budgetary allocation for the sector at Rs 1.31 lakh crore, which included a Budget support of Rs 55,000 crore for FY 18. In the previous budget, allocation to Railways was increased to Rs 1.21 lakh crore, which included Rs 45,000 crore as support and safety fund.
 
Among railway stocks, Titagarh Wagons fell as much as 6.6%, Kalindee Rail Nirman Engineers was down 4.9%, Kernex Microsystems shed 4.7%, Texmaco