Indian stock markets took a dig in the late morning deals on Friday with Sensex dropping as much as 220 points after TDP (Telugu Desam Party) pulled out of the Narendra Modi0-led NDA (National Democratic Alliance) over the grant of special status to Andhra Pradesh. The S&P BSE Sensex extended morning losses falling as much as 220 points to a day’s low of Rs 33,465.44 as shares heavyweight companies such as Tata Motors, ONGC, NTPC, Asian Paints, ITC, Kotak Mahindra Bank, Reliance Industries, Adani Ports, HDFC, Hero MotoCorp, Infosys and HDFC Bank plunged up to 2%. Further, the party led by Chief Minister N. Chandrababu Naidu has also decided move a no-confidence motion against the BJP government in the Parliament session today.

The TMC (Trinamool Congress) supremo Mamta Banerjee, Chief Minister, West Bengal has welcomed the TDP’s decision to leave the NDA saying that current situation needs such action to save the country from disaster. “The way the situation is unfolding, it will definitely be an embarrassment for the BJP. The parties have the numbers to move a no-confidence motion. As per procedure, to move a no-confidence motion, the party needs to have the support of 50 members. An application is then moved to the Lok Sabha Speaker. It is up to the Speaker to accept it or stall it, which the Speaker may choose to do in the current case,” Constitutional expert Dushyant Dave said.

Also Read | Live TDP pulls out of NDA over Andhra Pradesh issue; to move no-confidence motion in Parliament

Shares of M&M, Yes Bank, Wipro, HUL, Dr Reddy’s and State Bank of India were the only notable gainers among the Sensex components rising up to 2%. A similar wipeout was seen in the wider share indicator Nifty 50. Almost all the sectoral indices of National Stock Exchange traded in red barring Nifty Media, Nifty PSU Bank and Nifty Realty. Amid the Nifty PSU Bank index, shares of Syndicate Bank, Allahabad Bank, Oriental Bank of Commerce, IDBI Bank, Bank of India, PNB, Union Bank of India, Canara Bank and Indian Bank rose 2-5% while the shares of Bank of Baroda, Andhra Bank and State Bank of India advanced up to 2% with Bank of Baroda rising the most among the three.