Sensex at Bombay Stock Exchange declined 793 points or 2.01 per cent to trade close below 39,000 mark at 38,721.
At the National Stock Exchange, all sectoral indices were in the red with Nifty PSU bank plunging more than 5.2 per cent. Nifty realty skidded 3.4 per cent, auto by 2.4 per cent and metal by 2.3 per cent.
While thousands of employees have already been laid off since Sewing took over in April last year, another 18,000 will lose their jobs by the end of 2022. The job reduction would bring the total headcount down to around 74,000 employees.
Jaitley said massive infrastructure creation also has the ability to generate employment and attract investment. So does a boost to the construction and real estate sector.
Sitharaman, who presented the first budget of the new government, had said crude prices have softened from their highs, paving way for her to review excise duty and cess on petrol and diesel.
The Union Minister also said that faceless and anonymous assessment system for income tax will be rolled out in phases this year. While PAN is used to ensure that every citizen pays their taxes, an Aadhaar Card is a unique identification (UID) number issued by the government.
It was the new government's first budget, which came a day after the Economic Survey projected GDP growth rebounding from a five-year low to 7 per cent in the current financial year 2019-20.
At the National Stock Exchange, most sectoral indices were in the positive zone except for IT, metal and pharma. The gains were however marginal.
The tribunal had also directed resolution professional, Ashish Chhawchharia of Grant Thornton, to complete the process within three months as against 180 days (six months) prescribed in the Insolvency and Bankruptcy Code (IBC).