Sensex slumps 300 points on Mauritius tax treaty review

1:30 pm Its been a blood bath on the streets today as the Sensex crashed by 300 points to 16,819, while the Nifty breached the crucial 5,100 mark. The Sensex is now trading at a three-month low.

The fall in markets can be attributed to news that the government may be looking to review India's tax treaty with Mauritius to raise revenues.

Also, concerns over the rupee continue to add to the weakness; the currency is slowly inching towards 54 against the dollar.

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Adding more gloom were European markets, which also opened lower across the board, led by banks and oil stocks.

On the NSE, 1,219 stocks have declined, while 234 advanced; 59 are at the same level.

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The broader markets have also fallen sharply as the BSE Midcap and smallcap are down nearly 2 percent. Baring the healthcare index, all the sector indices are in the red, led by capital goods and banks.

In the 30-share Sensex pack, BHEL, ICICI Bank, Hero Moto Corp and Bajaj Auto have fallen more than 4 percent each. However, Cipla continues to hold its gains. BHEL hit a 52-week low of Rs 213.4 in intraday trade today.