Shares of life insurance companies fell 3-5.5 per cent as the government has constituted a task force to draft new tax legislation.
The Centre has embarked on re-writing the decades-old Income Tax Act, 1961. To this effect, the Finance Ministry had on Wednesday announced the setting up of a task force to draft a new direct tax legislation.
The new legislation will be drafted keeping in mind the direct tax system in other countries, international best practices and the economic needs of the country, it added.
SBI Life Insurance Co Ltd dropped as much as 3.3 per cent to Rs 670, while HDFC Standard Life Insurance Co Ltd fell as much as 5.3 per cent to Rs 374. Both companies post their biggest intraday percentage loss since IPOs this year.
ICICI Prudential Life Insurance Co Ltd slumped nearly 5 per cent to Rs 375.6, posting its biggest intraday percentage loss since September 20. Max Financial Services Ltd plunged as much as 4.1 per cent to Rs 561 rupees, lowest since November 17.
(With inputs from Reuters)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.