Sensex, Nifty falls after Jaitley announces his absence from new government

The BSE Sensex fell over 150 points while Nifty was reduced by nearly 50 points on Wednesday as the former finance minister Arun Jaitley announced that he will not be part of Modi government's new cabinet.

After his announcement, the Sensex reduced by 170 points while the Nifty declined by 48 points.

Jaitley wrote a letter to Prime Minister Narendra Modi saying he does not want to be a minister in his new government due to health reasons.

He has not attended office for the last three weeks and has rarely been seen in public. He, however, has been writing blogs and tweeted on Modi's victory last week. He neither attended the Cabinet meeting called Friday that recommended dissolution of the 16th Lok Sabha, nor the Saturday meeting of the BJP parliamentary party that elected Modi as its leader.

The domestic stock market on Wednesday opened in red with BSE Sensex dropping around 100 points and NSE Nifty struggling to maintain 11,900 mark after losing nearly 25 points in morning trade.