August 27, 2013 / 10:09 AM / 4 years ago

India's NSE index slumps nearly 3.5 pct; food bill raises deficit worries

MUMBAI, Aug 27 (Reuters) - India's NSE index slumped nearly 3.5 percent on Tuesday, giving up nearly all gains made over the previous three sessions, as blue chips including HDFC plunged on worries the passage of a food security bill would worsen the country's fiscal deficit.

The lower house of parliament on Monday approved a plan worth nearly $20 billion to provide cheap grain to the poor.

Housing Development Finance Corp Ltd slumped 7.4 percent, while ITC Ltd lost 2.8 percent.

The broader NSE index tanked 3.45 percent, while the benchmark BSE index slumped 2.98 percent, snapping their three-day winning streak. (Reporting by Abhishek Vishnoi; Editing by Subhranshu Sahu)

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