Sensex plunges 393 points

The Sensex drops to 13,627.97 pts on heavy selling by foreign funds ahead of the Union budget, amid concerns of rising prices.

The benchmark Sensex tumbled over 393 points in pre-close trade on the Bombay Stock Exchange on Friday on frantic selling by funds in heavy-weight stocks, mainly banking and auto companies.

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The Sensex dropped by 393.34 points to 13,627.97 at 1430 hrs on heavy selling by foreign funds and other investors ahead of the Union budget, amid concerns of rising prices.

Similarly, the wide-based National Stock Exchange index Nifty fell by 99.95 points to 3,940.05 points.