Sensex dips 366 pts as GAAR fears linger

The government’s move to defer the implementation of the proposed General Anti-Avoidance Rule (GAAR) for overseas funds failed to cut ice with investors. The Sensex, which posted an intra-day gain of 320 points on Monday, plunged 366 points on Tuesday on continued lack of clarity regarding taxation for foreign investors, fresh weakness in the rupee value, the Reserve Bank of India’s (RBI) weak outlook on rate cuts and euro zone worries.

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