Sensex tanks 555 points to 3-wk low

The stock market tanked on Monday with an over 555-point plunge in the benchmark Bombay Stock Exchange (BSE) Sensex to more than three-week low of 27,886.21, as heavyweights RIL and Infosys fell sharply on earnings growth concerns, while weak global cues and fresh taxation worries added to the fall. This was the fourth consecutive session of downtrend in the 30-share index, which has now lost around 1,160 points since crossing 29,000-levels last Monday. Concerns by foreign investors over retrospective taxation weighed on trading sentiments, traders said.