- LIC and SBI Life Insurance are among the top market decliners.
- Adani Group stocks have dropped significantly.
- The sharp decline is a result of Finance Minister Nirmala Sitharaman’s proposal to tax total returns upon maturity of life insurance policies (except ULIPs) issued on or after April 1, 2023, if the aggregate premium of such policies is more than 500,000 rupees a year.
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