Broking stocks fall up to 5% on capital gains tax proposal

Shares of broking companies today fell by up to 5 per cent after the government introduced long-term capital gains tax of 10 per cent on stock market gains exceeding Rs 1 lakh.
Religare Enterprises dipped 4.95 per cent, Aditya Birla Money 2.18 per cent, Motilal Oswal Financial Services 1.63 per cent and DB International Stock Brokers 1 per cent on BSE.
The government today introduced long-term capital gains tax of 10 per cent on stock market gains exceeding Rs 1 lakh.
Presenting the Budget proposals for 2018-19, Finance Minister Arun Jaitley said returns from the stock market are quite attractive and it was time to bring them under the ambit of capital gains tax.

The BSE benchmark Sensex crashed over 300 points in afternoon trade today after Jaitley announced 10 per cent tax on some long term capital gains in his Budget speech.