Stock markets tank by more than two percent

New Delhi/ Mumbai: The BSE Sensex and Nifty fell more than 2% giving up most of their gains made in the previous two sessions, as stocks across the board declined on worries that key land acquisition and tax reforms would be delayed further. Forty-eight stocks of the 50 that make up the broader Nifty fell on worries the government has agreed to review the Land Acquisition Bill and the Good and Services Tax Amendment, unnerving foreign investors about likely delays. Also, the rupee trading below the key 64 per US dollar level is raising worries that foreign portfolio outflows may create a vicious cycle between rupee and domestic shares, fund managers said. He also added that the debt crisis in Greece too could be adversely affecting the market. The Sensex fell 2.3% while the Nifty ended 2.4% lower finding resistance from their technically important 200-day moving average.