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Sensex, Nifty Tank On Risk-off Sentiment; RIL Shares Surge Nearly 10%

Indian shares plunged on Tuesday as a slew of factors such as renewed trade worries, escalating tensions in Hong Kong, political uncertainty in Italy and fears of a full-blown financial crisis in Argentina dented investors' appetite for risk.

Weak industrial output data released on Friday and media reports suggesting that there will be no GST relief for the auto sector also weighed on markets.

The benchmark S&P BSE Sensex fell as much as 623.75 points or 1.66 percent to 36,958.16 while the broader Nifty index ended down 183.80 points or 1.65 percent at 10,925.85.

Yes Bank shares plunged nearly 11 percent to extend losses from the previous session after the private sector lender raised $275 million by selling shares to domestic and foreign investors via a qualified institutional placement.

Eicher Motor, Bajaj FinServ, Mahindra & Mahindra and Bajaj Finance lost 5-6 percent.

Shares of Reliance Industries soared almost 10 percent after the company announced it would sell a 20 percent stake in its oil-to-chemicals business to Saudi Arabian giant Aramco for an enterprise value of $75 billion (around Rs 5.3 lakh crore).

The company wants to become a zero net debt company within FY 2020-21 and plans to list both consumer businesses of Reliance Jio and Reliance Retail in the next 5 years.

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