The benchmark equity Sensex slipped over 1000 points to settle below the 40,000 level after Finance Minister Nirmala Sitharaman presented the Union Budget for 2020-21.
At 3.14 pm, Sensex read 39,709 points.
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Similarly, NSE Nifty plunged 248.05 points to 11,714.05.
Major losers included ITC (6 per cent drop), followed by HDFC, L&T, SBI, ICICI Bank and ONGC.
On the other hand, TCS, HUL, Tech Mahindra and Infosys gained a few points.
Sitharaman pegged the fiscal deficit at 3.8 per cent in the current fiscal, compared to the earlier target of 3.3 per cent of GDP.
