RBI's rate stance sparks sensex slide

Mumbai's Sensex plummeted over 700 points as RBI's unchanged interest rates and hawkish tone spooked investors. Private banks, notably Kotak, ICICI, and Axis, took a hit, while SBI surged. Foreign funds led selling with Rs 4,934 crore outflow, outweighing domestic buying. ITC suffered after its major shareholder hinted at stake reduction. Market capitalization dipped by Rs 1.2 lakh crore.

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