Government will look into local market slump: Hasmukh Adhia

Hasmukh Adhia

The government will look into what it can do after a slump in local market reflecting global sell off, the finance secretary said on Tuesday.

Hasmukh Adhia said he will discuss the issue of fall in local markets with Finance Minister Arun Jaitley.

When asked if the government will scrap or review the long term capital gains tax which was introduced last week in the federal budget, Adhia said the local markets are mimicking global weakness, "but the government will look into what it can do".

Indian shares on Tuesday slid more than 3 percent and the rupee weakened as a global market rout whacked sentiment, adding to existing investor concerns ahead of a central bank meeting this week and a new capital gains tax later in the year.