The Bombay Stock Exchange tanked by almost 600 points as it became evident that much expected reforms in the economy as well disinvestment in in public sector was not forthcoming.

Instead of announcing any major disinvestment proposal as anticipated by the corporate India, Mukherjee announced increasing stake in the family silver much to the surprise of the markets.

The Bombay Stock Exchange earlier traded above the 15,000 mark, whereas the NSE also jumped 27 points to 4451.25.

It was widely being expected that his pronouncements on the Indian economy will be in tune with the economic survey, which called for wide ranging industry wide reforms, simplifying the tax system and disinvestment in the public sector units.

Rakesh Jhunjhunwala, a leading industry leader said that lack of policy pronouncements on industry, business and disinvestment was disheartening. He said that could have been more announcements on foreign direct investment and reforms.

Infosys chairman, N Narayanmurthy appreciated the budget saying that the Finance Minister has done the best job under the circumstances.

Indian industry was expecting that this Budget will outline a policy to divest from the public sector units as the government could raise a lot of money by diluting stakes in various PSUs.