Stock markets on Friday tanked by 2.7 per cent soon after the Reserve Bank’s policy announcement in which it hiked the repo rate by 0.25 per cent.

The BSE benchmark Sensex crashed over 559 points to 20,087.44 soon after the mid-quarter policy by the RBI.

The repo rate has been increased by 25 basis points to 7.5 per cent from 7.25 per cent with immediate effect.

The National Stock Exchange’s Nifty fell 2.48 per cent to 5,963.65.

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