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Shares of Groww plunged during the intraday trading today after finance minister Nirmala Sitharaman announced raising the Securities Transaction Tax (STT) on futures and options (F&O) in her ninth Budget speech.
The FM proposed hiking the STT on futures to 0.05% from the current 0.02%. Besides, STT on options premium and exercise of options are set to be raised to 0.15% from the present rate of 0.1% and 0.125% respectively.
Following the announcement, shares of Groww plunged as much as 14% to hit an intraday low of INR 152.9. With this the company’s market cap fell below the INR 1 Lakh Cr mark.
Its competitor, Angel One, also witnessed selling pressure. The stock crashed as much as 13% during the intraday trade.
(The story will be updated soon)
The post Groww Shares Slump 14% After Budget Hikes STT On F&O appeared first on Inc42 Media.
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