In early May, Sensex plummeted 1,100 points amid rumors of post-election tax changes. An alleged plan to overhaul tax laws and asset class treatments worried investors. Minister Nirmala Sitharaman dismissed the claims, but speculations persist. Jefferies Christopher Wood warned of a potential market correction due to capital gains tax adjustments post-elections. The complex capital gains tax system in India continues to fuel speculation and calls for simplification, impacting equity investors and market growth.
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In the event of any political surprise, the markets will witness a considerable downturn, requiring a substantial amount of time to bounce back, says Samir Arora, founder and fund manager, Helios Capital.